Crypto Bank Anchorage to Command $2B+ Valuation in New Funding Round, Sources Say

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Cryptocurrency custody agency Anchorage is elevating a big funding spherical that can worth the San Francisco-based firm at between $2 billion and $3 billion, in accordance to 4 individuals aware of the plans.

“Anchorage is about to raise at a $3 billion valuation,” stated one of many individuals who requested not to be named. “They’re raising a big round and it’s based on the fact that financial institutions are looking to enter this space.” Another trade insider stated the valuation might land in the $2 billion to $3 billion vary.

The forthcoming elevate comes as crypto companies are bringing in enterprise capital valuations that make tech “unicorn” standing look quaint. A multibillion-dollar valuation wouldn’t be farfetched for Anchorage: Last week, London-based crypto custody agency Copper stated it was elevating $500 million at a $2.5 billion valuation.

Crypto custody, in explicit, has develop into a sizzling sector, with banks and enormous fintech’s wanting to purchase companies specializing in the storage of digital property, or at the very least safe a strategic stake in them.

Read extra: Crypto Custody Firm Fireblocks Raises $310M at $2B Valuation

Back in February of this 12 months, Anchorage raised an $80 million Series C, led by GIC, Singapore’s sovereign wealth fund. Also taking part in the spherical have been Andreessen Horowitz (a16z), Blockchain Capital, Lux and Indico. The agency’s valuation was not disclosed on the time.

Anchorage is distinguished as the primary crypto-native agency to obtain a federal banking constitution from the Office of the Comptroller of the Currency (OCC), making it the primary nationwide “digital asset bank” in the U.S.

Anchorage declined to remark.