KKR leads $350M raise for crypto custody bank Anchorage Digital

Main cryptocurrency custody financial institution Anchorage Digital has closed a contemporary funding spherical, bringing its valuation to over $3 billion.

Anchorage Digital introduced on Wednesday that it had raised $350 million in a Collection D funding spherical led by fairness funding large KKR.

In response to the announcement, that is the primary time for KKR to straight spend money on fairness in an organization within the crypto business. The corporate invested by way of its Subsequent Technology Expertise Development Fund II, which is devoted to creating fairness funding within the know-how house.

“As a pioneer in enabling institutional buyers to entry digital belongings, Anchorage has constructed a finest in school, institutional-grade digital asset platform that mixes the very best practices of each fashionable safety and usefulness,” KKR senior chief of know-how progress fairness workforce Ben Pederson mentioned.

The brand new elevate additionally included a large variety of buyers each in conventional finance and the cryptocurrency business, together with firms reminiscent of Goldman Sachs funding financial institution and Sam Bankman-Fried’s crypto agency, Alameda Analysis. Different buyers embrace enterprise capital agency Andreessen Horowitz, BlackRock, Blockchain Capital, Delta Blockchain Fund, PayPal and Kraken.

The brand new funding will assist Anchorage Digital additional broaden its infrastructure and product choices in addition to proceed rising its headcount, which has already elevated by 175% in 2021.

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“This funding positions Anchorage Digital to fulfill the unprecedented institutional demand for this quickly evolving market,” Anchorage Digital co-founder and president Diogo Mónica mentioned.

Anchorage grew to become the first crypto firm to receive a charter from america nationwide financial institution regulator, the Workplace of the Comptroller of the Foreign money, in January 2021. The agency subsequently raised $80 million in a Series C round led by Singapore’s sovereign wealth fund GIC.