According to the July 10 Fortune report, global payment giant Visa registered its second investment in a cryptographic project, leading a $ 40 million round of financing when Anchorage was launched.
Visa, reportedly led the round together with Blockchain Capital, a large cryptocurrency capital firm (VC), to support the Anchorage institutional level cryptocurrency storage service, which previously attracted $ 17 million in investments led by Andreessen Horowitz.
The new round does not report either the amount of the Visa contribution or the private assessment of Anchorage, the report says. Both Visa and Anchorage are the founders of the Libra Facebook cryptocurrency project, which was officially announced on June 18th.
As Fortune notes, the recent round of financing is Visa’s second well-known cryptographic investment firm when the payment giant took part in a $ 30 million funding round in the Chain startups chain in 2015 with Nasdaq and Citi. At the end of 2018, Chain was acquired by the star-oriented company Lightyear.
The new funding will be used in the Anchorage mission to provide an alternative to institutional cold storage-based repositories for securing customers’ assets. Instead, the company is introducing a system of multiple statements and checks by personnel, as well as biometrics-based software to ensure the safe storage of cryptocurrency, the report says.
In late May, Anchorage presented its insurance decision, opposing it to the majority of custodians who use a combination of cold and hot storage. Claiming that not all cryptographic insurance coverage is equal, the company announced that it had acquired a crime insurance policy that covers both types of storage of digital assets under one policy.
In mid-June, Visa launched Visa B2B Connect, a cross-border payment network based on some aspects of the blockchain technology.