Andreessen Horowitz and Visa strongly believe in crypto as demonstrated in their recent investment decisions. Visa and other partners have made a huge investment in the Anchorage project. This project intends to replace the use of passwords with approvals from other employees. This will eliminate the risk of passwords being stolen. To validate a transaction, this company will use AI, human reviews of biometric data, and much more. Additionally, the company will offer insurance cover to users of its solution.
This new-generation crypto protection solution attracted $40 million in funding during the Series B round. The funding round was led by Blockchain Capital and was joined by Andreessen Horowitz and Visa. This round adds more funds to the $17 million the project managed to raise in their Series A round that was led by Andreessen around six months ago. It shows that there is a lot of momentum behind this project.
The Anchorage co-founder Diogo Monica said that they would focus on building a system, which other companies could utilize to ensure their operations were operating smoothly. He added that the project had always looked up to Visa as a perfect model.
He noted that Visa was a fintech even before the term was created. The co-founder added that the company had always been ahead when it came to the creation of financial infrastructure. With the Visa investment in the firm, it will help them grow. Besides that, it was a validation of their project and a recognition of the important role crypto would play in the world if finance.
The Anchorage Solution
Cold storage is a solution where funds are held in a device with no internet connection. It has become a popular option for storing BTC, Ether and other valuable tokens. However, the problem is that owners of these tokens cannot participate in the governance of some crypto when this occurs. For instance, they are not able to take part in the voting process or earn dividends. The project will change all that and allow for full participation. It will ensure that users of tokens can get the most from the crypto they hold such as through staking.
Just as participants in the Facebook Libra project will be in charge of governance, Visa, Anchorage, and Andreessen Horowitz will be in charge of the governance of the stable coin. While Facebook is creating the Calibra wallet for users, other participants in this project will need secure ways to hold their assets. The co-founder of Anchorage said that this project was designed to hold crypto-assets such as Libra. As a result, it would make online participation for assets held offline possible. Thus, users will not need to make a sacrifice of usability for security.
Upon launch, this project intends to support a wide array of coins. This will include offering support for Libra, once the project launches. Founders of the project do not believe that a custody solution should dictate which coins can be supported.