Anchorage Digital, an encrypted custodian bank, completes $350 million financing, led by KKR

Major crypto custodian bank Anchorage Digital has closed a new funding round, valuing it at more than $3 billion.

Anchorage Digital announced Wednesday that it has raised $350 million in a Series D funding round led by equity investment giant KKR.

According to the announcement, this is the first time KKR has directly made an equity investment in a company in the encryption industry. The firm invests through its Next Generation Technology Growth Fund II, which focuses on developing equity investments in the technology sector.

"As a pioneer in allowing institutional investors access to digital assets, Anchorage has built a best-in-class institutional-grade digital asset platform that incorporates modern best practices in security and usability," said Ben Pederson, senior principal of KKR's technology growth equity team.

Also participating in the new financing are a slew of investors from traditional finance and the crypto industry, including investment bank Goldman Sachs and Sam Bankman-Fried’s crypto firm Alameda Research, among others. Other investors include venture capital firm Andreessen Horowitz, BlackRock, Blockchain Capital, Delta Blockchain Fund, PayPal and Kraken.

The new financing will help Anchorage Digital further expand its infrastructure and product offerings, and continue to grow its headcount, which has already increased by 175% in 2021.

"This funding enables Anchorage Digital to meet the unprecedented institutional needs of this fast-growing market," said Anchorage Digital co-founder and president Diogo Mónica.

In January 2021, Anchorage became the first crypto firm to receive approval from the Office of the Comptroller of the Currency (OCC), the U.S. national banking regulator. The company subsequently raised $80 million in a Series C funding round led by Singaporean sovereign wealth fund GIC.

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