Visa Makes Its Second Investment Into a Crypto Startup

Cointelegraph | Helen Partz | July 10, 2019

visa invests in crypto - Visa Makes Its Second Investment Into a Crypto StartupGlobal payment giant Visa has recorded its second investment in a crypto project by leading a $40 million funding round of Anchorage startup, according to a Fortune report on July 10.

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 the new round, both the amount of Visa’s contribution and Anchorage’s private valuation were not disclosed, the report notes. Both Visa and Anchorage are founding members of Facebook’s cryptocurrency project Libra, which was officially revealed on June 18.

See:  Ethereum will match Visa in scale in a ‘couple of years’ says founder

As Fortune noted, the recent funding round is the second known investment of Visa in a crypto-related firm, with the payment giant having participated in a $30 million funding round in blockchain startup Chain back in 2015 alongside with Nasdaq and Citi. In late 2018, Chain was acquired by Stellar-focused firm Lightyear.

The new funding will be used in Anchorage’s mission to provide an alternative to cold storage-based institutional custodies to ensure the security of customers’ assets. Instead, the company implements a system of multiple approvals and human reviews, as well as biometric-based software to provide a secure storage of crypto, the report notes.

In late May, 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.

Continue to the full article --> here


NCFA Jan 2018 resize - Visa Makes Its Second Investment Into a Crypto Startup The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Visa Makes Its Second Investment Into a Crypto StartupFF Logo 400 v3 - Visa Makes Its Second Investment Into a Crypto Startupcommunity social impact - Visa Makes Its Second Investment Into a Crypto Startup
NCFA Fintech Confidential Issue 2 FINAL COVER - Visa Makes Its Second Investment Into a Crypto Startup