Crypto bank Anchorage raises $350 million in new funding from KKR, Goldman Sachs, and others

Quick Take

  • Crypto custodian and bank Anchorage has raised $350 million in Series D funding.
  • The firm is now valued at over $3 billion. 

Anchorage Digital, a federally chartered crypto bank in the U.S., has raised $350 million in a Series D funding round.

Private equity giant KKR led the round by investing through its Next Generation Technology Growth Fund II. This is KKR's first direct equity investment in a crypto firm, said Anchorage. In September, KKR took a stake in the flagship fund of crypto VC firm ParaFi Capital.

Other investors backing Anchorage's Series D include Goldman Sachs, BlackRock, PayPal Ventures, Andreessen Horowitz (a16z), Alameda Research, Apollo credit funds, GIC (Singaporean sovereign wealth fund), GoldenTree Asset Management, Wellington Management, and private equity firm Thoma Bravo.

This round brings San Francisco-based Anchorage's total funding to date to over $485 million and its valuation to over $3 billion. In February, the firm raised $80 million in Series C funding but did not disclose its valuation at the time.

Anchorage hasn't even spent the funds raised from its Series C round, the firm's co-founder Diogo Mónica told The Block. But it raised the new round to bring larger financial institutions on board for strategic growth.

"Many of these investors are also Anchorage's clients or are on a path to becoming clients," said Mónica.

Serving institutions

Anchorage started out as a crypto custodian in 2017, serving institutional clients. Over the years, it has turned into a fully fledged crypto bank, offering lending, borrowing, trading, and staking services.

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