Anchorage Raised $350M To Expand Business To Lending, Staking

Anchorage raised $350M and expanded from a custody provider to a huge crypto player that has strong connections with banks. The platform expanded its business to include lending and staking as we can see more in today’s cryptocurrency news.

Anchorage raised $350M and now its CEO predicts it will start offering crypto to consumers by the end of 2022. Anchorage is the fast-growing crypto storage company that obtained a federal bank charter at the start of January and announced it raised $350 million from KKR, Goldman Sachs as well as others. The Series D round values the company to over $3 billion. The CEO Diogo Monica said the company will use the funding to assist its clients that including big banks and corporations while they expand their crypto offerings:

“Institutions began to build products in 2020 that will come to market in mid-to-late 2022.”

Today @Anchorage is announcing a $350M Series D led by KKR with the participation of Goldman Sachs, Apollo, Paypal, Wellington, and many other equally impressive institutions.https://t.co/SxSqhMgLCy

— Diogo Mónica (@diogomonica) December 15, 2021

Monica predicted that the banks will start offering crypto offerings like the possibility to buy and sell BTC to their customers from next year. If this happens, it will be a major boost for Anchorage that has leveraged the federal bank charter that it obtained to win the contracts with financial giants like Visa or other banks. These contracts started as custody arrangements where Anchorage stored the digital assets but came to include services such as staking where the asset holders lock up some coins and tokens in return for the rewards.

According to Diogo, custody makes up less than 50% of the revenue while the lending and staking business is expanding still. In the meantime,  Diogo predicts new lines of business will emerge for Anchorage with more banks offering products like Defi-based yield offerings. The company benefited from the growing range of cryptocurrencies that the institutions want to place with Anchorage like NFTs such as Crypto Punks that it is holding in custody for Visa.

We have become the leading platform when it comes to safety, regulation, integrated services and asset support.

— Diogo Mónica (@diogomonica) December 15, 2021

As previously reported, Anchorage is a crypto custodian that is expanding its product suite to provide ETH-backed loans with BankProv. Anchorage holds crypto assets like ETH on behalf of institutions and now allows those institutions to take out a line of credit.
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In a partnership with BankProv or known as the Provident Bank, crypto funds have investments in ETH and a need for capital so they can soon use ETH to secure US Dollar loans.