Anchorage Digital

Anchorage Digital offers a crypto-native digital asset platform that provides services such as custody, trading, staking, governance, and financing for large businesses such as publicly traded companies, hedge funds, and banks, to streamline investments via blockchain technology. The platform allows users to trade and stake up to 80 supported crypto assets to earn returns and participate in protocol governance. The company also received a federal banking charter in January 2021.

In June 2022, the platform launched an Ethereum staking option for institutional users of its platform. This feature enables users to collect rewards on their ETH in custody by staking with an Anchorage validator. In February 2024, the company launched Porto, a self-custody wallet designed for institutions. The solution provides users access to over 200 tokens including Bitcoin, Ether, Aptos, and Sui as well as several security features such as biometric authentication and asset recovery. Users can connect to dApps and engage in restaking and yield farming to earn returns.

In August 2021, the company began offering blockchain governance voting services beginning with Aave to enable institutions and token holders to use its governance portal to participate in on-chain decisions relating to the Aave lending protocol. The system uses a separate voting key so that digital assets can remain safely in storage without the risk of moving it between wallets.

Key customers and partnerships

Anchorage also allows institutional investors to access USD loans without having to liquidate their ETH holdings through a partnership with BankProv, a US commercial bank. Clients can store their ETH with Anchorage as collateral to borrow USD through BankProv. This product was launched as an addition to Anchorage’s pre-existing Bitcoin-backed loan schemes. Anchorage also allows for the staking of Ethereum for its institutional clients.

In June 2022, Anchorage formed an exchange custody network via integration with Binance US, CoinList, Blockchain.com, Wintermute, and Strix Leviathan to give institutions direct access to several trading pairs across exchanges. The company went on to partner with Bitkub, Dream Trade, FBG Capital, GMO-Z.com Trust Company, IOSG Ventures, and Antalpha in October 2022 to increase its institutional reach within Asia and develop a JPY-denominated stablecoin.

In February 2024, Anchorage announced a partnership with wealth management platforms Onramp and FusionIQ to offer regulated crypto products to their respective client bases. Specifically, the company planned to leverage its partnership with Onramp to offer a block trading feature that enables fund managers to enter multiple trades across their entire book of clients as a single order.

Funding and financials

In December 2021, the company raised USD 350 million in a Series D led by KKR with participation from several other investors including Goldman Sachs, Alameda Research, Andreessen Horowitz, and PayPal Ventures. The funds were earmarked for investment in product development as well as increasing the number of features and integrations with DeFi products.