A16z-backed crypto startup Anchor Labs has launched a custodial service for institutions. The company claims their service is more secure than cold storage and still offers easier access to stored assets.
Anchorage, the name of the digital asset custodian, says it can deliver “all the benefits of asset accessibility”. Diogo Mónica and Nathan McCauley are the founders of the company. They were previously involved in Square’s encrypted credit card reader and also ran Docker’s security team.
Until now, investors have been constrained by the limitations of ‘cold storage’ custody, which is vulnerable to human error (or worse), and holds assets inaccessibly so they are slow to move and can’t be used to capture yield, which can lead to depreciation due to dilution over time.
McCauley and Mónica added in a blog post that there is a lot of institutional interest in the blockchain space. However, the problem is the risk companies are taking with this not-yet-established technology. Specifics of Anchorage have not yet been provided by Anchor Labs.