Anchor Labs run by former security experts at Docker and Square Nathan McCauley and Diogo Monica reportedly rolled out a custodian solution Anchorage aimed at large investors.
"Today we are excited to introduce Anchorage, the most advanced digital asset custodian for institutional investors,” the official press release reads.
According to the company, Anchor Labs managed to raise $7 million during the Series A funding round supported by the leading market players a16z (Andreessen Horowitz), Khosla Ventures, Max Levchin, Elad Gil, Naval Ravikant of AngeList, and Mark McComb of BlackRock.
The new solution is mainly designed to cope with the secure keeping of cryptos. However, it also can help users to enjoy all the benefits of asset availability, including income from staking, voting, proof of existence, and fast transactions.
“Until now, investors have been constrained by the limitations of “cold storage” custody, which is vulnerable to human error (or worse), and holds assets inaccessibly so they are slow to move and can’t be used to capture yield, which can lead to depreciation due to dilution over time. Enter Anchorage,” the company founders noted.
As a result, Anchorage is positioned as a solution that can give institutional investors the range of services that they may "expect from a traditional custodian". The board of the startup believes that companies planning to store assets have to compromise between security and asset productivity.
According to the news reports, some other custodian providers, like BitGo, found such tradeoffs. It signed an agreement with the Genesis Global Trading OTC service, providing institutional investors with an opportunity to access to high-frequency cryptocurrency trading.
The company is yet to unveil more details about the project.