Visa shows its interest in cryptocurrencies by investing in Anchorage, a digital asset of modern security engineering, for safe crypto custody. So far, Visa had made its investment in Chain, which was its first progress towards cryptocurrency. Both the companies are the founding members of Facebook’s crypto-asset Libra and are working on the planning of the technical underpinnings of Libra.
Anchorage is a startup that was founded to solve technical issues through cryptocurrency. To help financial institutions invest securely in digital assets, the firm has built the first crypto-native custodian.
It is estimated that Visa has invested $40 million worth funds for further fintech solutions. However, the precise value has not been revealed yet. With the funding received by Visa, Anchorage is ready to proceed further in Libra’s mission as a Founding Member of the Libra Association by drawing together the brightest minds in security, finance, and distributed systems.
Co-founders Diogo Mónica and Nathan McCauley have been working as the head of security engineering for more than ten years. They built software that now secures more than 80 billion dollars yearly and ensures the core infrastructure used in top banks, governments, and the world’s three largest cloud providers.
Diogo Mónica says;
“As a custodian, our work is focused on building financial plumbing that other companies depend on for their operations to run smoothly. In this regard, we have always looked at Visa as a model.”
Further, he adds;
“Visa was ‘fintech’ before the term existed, and has always been on the vanguard of financial infrastructure. Visa’s investment in Anchorage is helpful not only to our company but to our industry, as a validation of the entire ecosystem and recognition that crypto will play a key role in the future of global finance.”
Terry Angelos, who leads fintech at Visa and also co-founder of TrialPay, noted that Visa is interested in supporting companies like Anchorage who are working to provide secure infrastructure to the growing ecosystem of digital assets. He said that Anchorage is building the foundation to support an array of new financial services.
Being a global payments technology corporation working to empower consumers, businesses, banks, and governments to use digital currency, Visa has helped to improve the lives and economies around the world. It has united customers in more than 200 countries and territories worldwide.
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