Business News Report
February 26, 2024

Crypto Platform Anchorage Digital Launches Self-Custody Wallet Porto for Institutions 

In Brief

Anchorage Digital launched its institutional self-custody wallet Porto to empower institutions secure and manage their assets independently.

Crypto Platform Anchorage Digital Launches Self-Custody Wallet Porto for Institutions 

Integrated cryptocurrency platform Anchorage Digital launched its institutional self-custody wallet, Porto. The new wallet will be provided directly by Anchorage Digital, empowering institutions to independently secure and manage their assets. This involves leveraging the same foundational technology as Anchorage Digital’s bank, including features like biometric authentication and asset recovery.

However, unlike the bank service, Porto adopts a self-custodial approach, granting institutions greater flexibility in managing their assets by offering to engage with distributed applications and accruing rewards. Thus, some asset managers may opt for a conservative approach, simply holding cryptocurrencies, while others may embrace a more dynamic strategy involving activities like restaking and yield farming to generate returns.

Porto launched with extensive support for over 200 cryptocurrencies including Bitcoin, Ethereum, Aptos, and Sui, along with Ethereum-based assets and decentralized applications. Moreover, the migration of technology from Anchorage Bank service to Porto will allow for more usability. The new wallet will be accessible through iOS and desktop applications.

Leads as Digital Asset Custodian for Institutions

Anchorage Digital has traditionally provided a high-end cryptocurrency custody service tailored for institutions such as venture capital firms and sovereign wealth funds, delivered through its banking division. The company claims to be the only digital assets firm possessing a national trust charter with the United States Office of the Comptroller of the Currency.

Founded in 2017, Anchorage Digital has emerged as one of the largest digital asset custodians, specialznig in safeguarding assets like Bitcoin and Ethereum for institutional clients. Supported by investments from cryptocurrency-related funds, in 2021, the company raised $350 million in a Series D funding round from a16z, Blockchain Capital, KKR, and Goldman Sachs.

Notably, while cryptocurrency custodians such as Coinbase and BitGo function as state-chartered trusts under the New York Department of Financial Services, Anchorage Digital maintains its position as the sole entity holding a national charter. This becomes particularly noteworthy amid ongoing discussions at the Securities and Exchange Commission (SEC) about defining which firms will be categorized as “qualified custodians,” as the company highlights.

With the latest launch of Porto, Anchorage Digital positions itself as a leading financial company serving institutions, providing customers with a safe and reliable tool to hold and operate their cryptocurrencies, solidifying its position in the evolving digital asset landscape.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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