Cryptocurrency platform Anchorage Digital launches Porto, an institutional self-custodial wallet
Posted: February 26, 2024 10:16 AM Updated: February 26, 2024 10:18 AM
Correction and fact check date: February 26, 2024, 10:16 AM
briefly
Anchorage Digital has launched Porto, an institutional self-custodial wallet to help institutions secure and manage their assets independently.
Anchorage Digital, an integrated cryptocurrency platform, has launched Porto, an institutional self-custodial wallet. The new wallet comes directly from Anchorage Digital, allowing institutions to independently secure and manage their assets. This includes leveraging the same underlying technology as Anchorage Digital bank, including features such as biometric authentication and asset recovery.
However, unlike banking services, Porto adopts a self-custodial approach, giving institutions greater flexibility in asset management by participating in decentralized applications and earning rewards. Therefore, some asset managers may choose a conservative approach of simply holding cryptocurrencies, while others may adopt a more dynamic strategy involving activities such as re-staking and yield farming to generate returns.
Porto has launched broad support for over 200 cryptocurrencies, including Bitcoin, Ethereum, Aptos, and Sui, along with Ethereum-based assets and decentralized applications. Additionally, the transfer of technology from Anchorage Bank services to Porto will further increase usability. The new wallet can be accessed through iOS and desktop applications.
Acts as custodian of the institution’s digital assets.
Anchorage Digital has traditionally provided customized, advanced cryptocurrency custody services through the banking sector, tailored to institutions such as venture capital firms and sovereign wealth funds. The company claims to be the only digital asset company to hold a national trust charter with the U.S. Office of the Comptroller of the Currency.
Founded in 2017, Anchorage Digital has emerged as one of the largest digital asset custodians, specializing in securing assets such as Bitcoin and Ethereum for institutional clients. Backed by investments from cryptocurrency-focused funds, in 2021 the company raised $350 million in a Series D funding round from a16z, Blockchain Capital, KKR, and Goldman Sachs.
In particular, while cryptocurrency custodians such as Coinbase and BitGo act as state-chartered trusts under the New York Department of Financial Services, Anchorage Digital maintains its status as the only institution with a state charter. This is especially noteworthy amid ongoing discussions at the Securities and Exchange Commission (SEC) over defining which companies will be classified as “qualified trustees,” as the company emphasized.
With the recent launch of Porto, Anchorage Digital establishes itself as a leading financial company serving institutions and positions itself in the evolving digital asset landscape by providing customers with secure and reliable tools to hold and operate their cryptocurrencies. I solidified it.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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