Cryptocurrency

‘The Anchorage crypto custodian’ launches in full force; fuelled by Horowitz and PayPal Co-Founder

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The Anchorage crypto custodian got launched on Jan 23rd. It seeks to serve institutional investors with a target to serve better security than cold storage. The aim is to provide solid security as well as allowing the institutional investors to stay active on the blockchain participation.

The Anchorage had a good launch pad of 17 million dollars funding which was led by the venture fund- ‘Andreessen Horowitz’, as released in a press release, yesterday. The press release also revealed the participation of PayPal co-founder- Max Levchin’s sci-fi VC, Khosla Ventures (a venture company), from Blackrock- McCombe also participated along with others in the series A funding round, says the reports from the Cointelegraph.

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Anchorage, as developers claim- is crypto custodian that aims to encourage smooth access to various crypto assets, swift and quick blockchain transactions, as well as auditing of the proof of existence. The special attention to the big players from the institutional investment sector is to attract big investment into the digital assets. This can eventually propel an excellent growth to the blockchain sphere.

Looking at the previous track record of the California based venture fund- Andreessen Horowitz, a pattern of investing and encouraging crypto-based services, platforms, and start-ups has been a second nature of the venture fund. For instance, last year in November, Horowitz participated in a 15 million dollars funding for Dapper Labs. Dapper Labs is the developer of the very popular and highly used blockchain application- ‘CryptoKitties,’ as reported by Cointelegraph.

Another instance where Horowitz has been actively involved in the funding rounds is ‘Series E equity financing round’ of ‘Coinbase.’ It is a U.S. based cryptocurrency exchange and wallet provider. The crypto exchange managed to raise 300 million dollars. Coinbase aims to use the amount to speed up the acceptance of the cryptocurrencies.

On the other hand, the market analysts and experts predict that this new- year will attract a lot of institutional investors into the crypto landscape. Also with the strong measures taken worldwide to regulate the crypto world, is also pointing at the brighter days which are around the corner. For instance- the crypto leader of PricewaterhouseCoopers, (Hong Kong) and Asia FinTech- Henri Arslanian referencing to the increased regularity in the crypto sector, he expressed his thoughts around the possible growth in the crypto sector in 2019 when he said-

“[…] there is a lot of exciting things that the crypto ecosystem is looking forward to in 2019.”

As per the reports from Bloomberg, the CEO of Spring Labs- Adam Jiwan pointed that this trend has made the companies that have been recently entering the crypto landscape as well as the already established companies to employ talented individuals. On Jan 16th, Bloomberg reported his statement-

“The skepticism is warranted in many ways because this technology is nascent and untested at an industrial scale. Our hope is this presents us with a great opportunity to recruit more talent.”

Although, early this month, from unknown sources it has been revealed that the Wall Street’s crypto plans are more or less on hold. This is a result of bear market tendency’s effect on the crypto sphere.  As a result there has been an 80 percent fall in Bitcoin’s prices and over 90 percent drop in other cryptocurrencies against the U.S. Over the time frame of last twelve months, there has been a major downfall ranging from 90 to even 97 percent (from their respective all-time highs) in the major crypto-based assets such as Ripple, Ethereum, Bitcoin Cash, Litecoin, Cardano, according to the reports obtained from ‘ATH Coin Index.’  As per the unknown resources, Wall Street’s crypto participation has been quite noticeably slow, which as a result could manage to attract a handful of 20 clients so far through its non- derivative funds.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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