The coming altcoin news show that besides Bitcoin, altcoins are in a good position and with slight gains. However, besides this, there are some big news from big institutional players. According to the latest updates, Visa and VC firm Andreessen Horowitz are backing a company called Anchorage which is part of the Libra Association. The backing is reserved for Anchorage and its approach to crypto security which requires multiple employees to sign off on withdrawals.
As seen in the latest cryptocurrency news, companies like Mastercard already rebuked the notion of cryptocurrency – but capitulated since then too – patenting technologies revolving around the blockchain. However, Visa and VC firm Andreessen Horowitz along with Blockchain Capital, managed to raise around $40 million.
As you may not know, Anchorage was founded by people with a background in building big products. The early adoption of Libra is unsurprising – and the company’s co-founders previously worked on projects such as Docker and Square.
Featured in the altcoin news as “a custodian for larger sums of cryptocurrency,” Anchorage uses a high degree of security but is not the first in the sector with this expertise. Still, it is the first company to get a backing from firms like Visa and VC firm Andreessen Horowitz.
The co-founder of Anchorage, Diogo Monica, spoke to TechCrunch and said:
“Anchorage applies the best of modern security engineering for a more advanced approach: we generate and store private keys in secure hardware so they are never exposed at any point in their life cycle, and we eliminate human operations that expose assets to risk.”
While Visa and VC firm Horowitz are investing in this startup, American Express and other credit cards are seen as pioneers in their own right. Still, it could be possible that Visa is in another world and with different considerations for the crypto industry.
Right now, many best cryptocurrency news sites are reporting the advancements in the blockchain space and the big institutions entering it. The longer you have been in it, the more you are able to understand that traditional finance companies will come in and benefit from the technologies as well. What started with patents and investments is beginning to look like bigger investments and bigger advances.
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