Anchorage was founded in 2017 to meet the growing need for institutional custody that lets investors safely hold and use digital assets.

As the third-largest digital asset by market cap, XRP appeals to a number of our institutional clients, which include VC funds, family offices, hedge funds, and other large-scale crypto investors,” Diogo Monica, president of Anchorage said.

Anchorage is based in San Francisco, California and Sioux Falls, South Dakota. The growing Anchorage team brings together the brightest minds in security, finance, and distributed systems. Anchorage is backed from Visa, Andreessen Horowitz and Blockchain Capital.

Visa second ever investment in a crypto company was in Anchorage. Visa has reportedly led the round along with major cryptocurrency venture capital (VC) firm Blockchain Capital to support institutional-grade crypto custody service Anchorage, which previously raised $17 million in an investment led by Andreessen Horowitz.

In May 2019, Anchorage introduced its insurance coverage solution, opposing it to the majority of custodians that use a combination of cold and hot storage. Claiming that not all coverage of crypto custody insurance is equal, the company announced that they acquired a crime insurance policy, which covers both types of digital asset storage under one policy.