Crypto Custodian Backed By Andreessen Horowitz, A PayPal Co-Founder, And Other Big Names In Venture Capital Launches.

Coming from a press release last January 23, The Anchorage, a cryptocurrency custodian designed for institutional investor launches. Based on the big names from venture capital industry, a $17 million Series A this security startup raised last year led by Andreessen Horowitz and joined by Khosla Ventures, #Angels, Paypal co-founder Max Levchin, Elad Gil, Mark McCombe of Blackrock and AngelList’s Naval Ravikant, it must be so impressive.

The Anchorage is coming from the guys who engineered Square’s first encrypted card reader and Docker’s security protocols, Diogo Monica and co-founder Nathan McCauley. It is so secure crypto funds like Andreessen’s a16z crypto, Paradigm and Electric Capital are already using it.

Anchorage is using "omnimetric" it works with clients to whitelist employees’ devices. It then uses multiple types of biometric signals and behavioral analytics about the person and device trying to log in to verify their identity.

But even once they have access, Anchorage is built around quorum-based approvals. Withdrawals, other transactions and even changing employee permissions requires approval from multiple users inside the client company. They could set up Anchorage so it requires five of seven executives’ approval to pull out assets. And finally, outlier detection algorithms and a human review the transaction to make sure it looks legit. A hacker or rogue employee can’t steal the funds even if they’re logged in because they need consensus of approval.

What this means, is that because it doesn’t use “buried in the backyard” cold storage, asset holders can actually earn rewards and advantages for participating in coin-holder votes without fear of getting their Bitcoin, Ethereum or other coins stolen.

This also means more confidence for institutional investors to participate which could give a boost to the prices and values of cryptocurrencies at this time. Whether those investors wants to get those short-term gains from crypto volatility, or HODL with participation in the coin's governance, Anchorage name and system promises to protect them.

Articles referenced for this post are :
https://cointelegraph.com/news/crypto-custodian-backed-by-andreessen-horowitz-and-paypal-co-founder-launches and
https://techcrunch.com/2019/01/23/anchorage-security/

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