Venture Capital

Singapore’s GIC leads $80m funding in US crypto platform Anchorage


Singapore’s sovereign wealth fund GIC has led an $80-million Series C funding in US-based digital asset platform Anchorage.

Other investors participating in the round include US venture capital firms Andreessen Horowitz (a16z), Blockchain Capital and Lux Capital, as well as Portuguese fund Indico Capital Partners, according to a statement.

The funding will be used to fuel Anchorage’s expansion in helping more customers, especially corporations and traditional financial institutions, participate in the digital asset space.

The company offers crypto-native financial products and services, such as staking, governance, financing and lending, trading and DeFi (decentralised finance).

It said it will develop at-launch support for new protocols in the coming months while having invested in such support for protocols like Celo, Filecoin and Oasis.

Among new services following the GIC-led investment will be supporting emerging corporate use cases, from corporate treasuries to finding strategic ways to incorporate crypto into their operations, Anchorage said.

“Anchorage has been an early proponent of DeFi, offering custody support for many DeFi tokens, bringing wrapped layer-one protocols to Ethereum, and supporting Bitwise in the launch of the first DeFi crypto index fund. In the coming years, we look forward to facilitating greater institutional participation in the space,” the startup added.

Founded in 2017, Anchorage had earlier raised $17 million in a Series A round led by Andreessen Horowitz in January 2019 and $40 million in a Blockchain Capital-led Series B investment six months later. Other investors in the previous financing rounds include Visa, Elysium Venture Capital and Khosla Ventures, among others.

Recently, Anchorage had partnered with its shareholder Visa and First Boulevard Bank in a new set of crypto-related APIs to enable neobanks and financial institutions to connect to Anchorage’s services.

Meanwhile, the latest funding marks GIC’s next bet in the crypto space after reportedly participating in Coinbase’s $300-million fundraising in late 2018.


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