AnchorWatch raises $3m for its Bitcoin custody and insurance
US insurance provider AnchorWatch has raised US$3m in funding towards its proprietary software, which provides a native custody solution for cryptocurrencies that is backed by an insurance offering.
The latest round – which was led by Ten31 and supported by Axiom BTC, Timechain, Bitcoin Opportunity Fund, and UTXO Management – will be used to roll out AnchorWatch’s Trident Vault solution and start selling cryptocurrency insurance policies to consumers.
The Nashville-based startup says it is the first Bitcoin vault designed specifically for commercial use, with built-in tools for remote teams and spending conditions that bring both compliance and governance on-chain.
It’s part of a growing trend towards crypto custody insurance, as concerned consumers look for ways to protect their digital investments. At Money20/20 Europe in Amsterdam, Katharine Wooller, Business Unit Director for Coincover, told FinTech Magazine that “the more bad news there is in the press, the more people realise that they need [crypto insurance solutions] and of course, as consumers see prices going up, that is a good thing for the industry as a whole.”
AnchorWatch is ‘advancing Bitcoin’s potential’
Robert Hamilton, Co-Founder and CEO at AnchorWatch, continues: "Bitcoin owners are still faced with the binary choice between self-custody and third-party sole custodians. In the case of the latter, high-risk trading strategies, or worse, blatant fraudulent activities have resulted in catastrophic losses for customers.
“Thus, they are hesitant to rely on the commercial key holder to deliver the services promised. AnchorWatch makes owning and holding the bearer asset practical, safe, easy, secure and verifiable."
Jonathan Kirkwood, Managing Partner at Ten31, adds: "AnchorWatch is building both the technical infrastructure to advance Bitcoin's potential as programmable money and the credentialed legal/financial infrastructure for Bitcoin to be held by commercial institutions via its insurance offerings.
“This is a pivotal step that directly aligns with our mission at Ten31 to establish Bitcoin as a viable asset for institutions, and investing in the companies at the forefront of innovating in the ecosystem."
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