New acquisition + new business, founding member of Libra is accelerating expansion

Original: at The Block , the original author: Celia Wan

Source: Odaily Planet Daily Translator: Azuma


Anchorage, a founding member of the Libra Association and a cryptocurrency custodian, has completed the company's first acquisition, the acquisition of data analysis company Merkle Data. The exact amount of the acquisition was not disclosed.

The news was officially announced by the San Francisco-based company on Wednesday, local time. At the same time, Anchorage also announced that it will launch a brokerage service called "Anchorage Trading" for institutional clients, a new service that allows investors to deposit cryptocurrencies in Anchorage to trade directly on its platform. Anchorage will charge a flat fee of 10 basis points (0.1%) for each transaction.

Merkle Data was founded in 2018.Its main business is to help customers discover manipulation and other risks in the cryptocurrency market. Anchorage said the company has now integrated Merkle Data's products into new trading capabilities.

Anchorage CEO Nathan McCauley said: "Customer demand drives the market and institutional investors want a single solution to meet all their needs in the crypto market-hosting, trading, pledge, voting, etc. Our The goal is to make Anchorage the solution. Different service providers may take different approaches to meet customer needs, but given the fragmentation of the current B2B cryptocurrency market, we hope to see further integration. "

As the new business expands, the startup will compete directly with crypto brokers such as Tagomi and custodians that provide trading services such as BitGo. These three companies have received the support of well-known venture capital institutions in the past, and the amount of financing is also considerable:

  • In July last year, Anchorage completed a $ 40 million Series B funding round, with investment institutions including Blockchain Capital, Visa and Andreessen Horowitz.
  • Tagomi has raised a total of US $ 28 million in financing, and investment institutions include Paradigm, Pantera Capital and others. It is reported that Coinbase is in the "late" acquisition negotiations with Tagomi.
  • BitGo completed a USD 58.5 million Series B financing in 2018. Goldman Sachs and Galaxy Digital Ventures contributed a total of USD 15 million.In addition, DGC (Digital Currency Group) also invested in the company.

Another performance of the competition is that in December last year, Tagomi has cut transaction fees to a level of 10 basis points similar to the current standard of Anchorage.

Competition in the crypto custody market is heating up with the entry of financial services giants such as Bakkt, supported by Fidelity and Intercontinental Exchange (ICE).