KKR spearheads a $350million round fund for Anchorage Digital

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TL;DR Breakdown

  • KKR invests in a crypto organization for the first time in its operational history. 
  • Anchorage Digital announces the successful completion of a round fund that raised $350 million courtesy of KKR Investment.

Anchorage digital announced the completion of a round fund that raised $350 Million. The bank said that the KKR Investment firm spearheaded this fund. It said the fund had taken its total capitalization to $3billion.

On DEC. 15,2021, Anchorage announced the completion of their D-round fund that included investors from traditional finance and cryptocurrencies. They said that other significant institutions also played a crucial part.

Anchorage digital bank announces successful completion of a D-funding drive

KKR Investment firm is a company that has never been involved in a crypto funding drive before. It has invested in its ‘Next Generation Technology Growth Fund II’ to introduce equity investments in the newest technologies.

According to a senior leader in KKR, it is among the first companies to assist Institutions in accessing digital assets. He added that his company had developed the best digital assets platform by combining the latest technologies.

Anchorage’s fund included different investors from traditional and digital finance industries. Major institutions like Goldman Sachs, PayPal, Kraken, and others also played a significant role in the success of the exercise.

The new money is going to help Anchorage to expand its services. The bank said that the money would allow them to access better infrastructure and increase the workforce by about 175% this year alone.

Per the bank’s president, Diogo Monica, the newly accessed funds will help her bank meet the rising institutional investments demand. Anchorage is the first bank ever to get approval from the office of the comptroller of cryptocurrency in Q1 of 2021. Subsequently, this bank raised $80 million through their Series C, helmed by the sovereign wealth fund GIC.

Banks lead the world in crypto adoption

The year 2021 has had many turns and twists regarding the legality of cryptocurrencies. Many new projects have been done, and many institutions and governments have also clarified their position in this era of digital money.

As a result, almost all banks consider whether cryptocurrencies are here for them or against them. Some banks which feel threatened by the new technology have introduced restrictions and bans on their transactions. One of those banks is China’s PBoC which banned all digital coins except their digital Yuan in September.

Other banks have shown their interest in joining the crypto space in one way or the other. Recently, Swissquote revealed its plan of running a crypto exchange in 2022. Different banks have also introduced their digital currencies in the form of CBDC.

Amid all this controversy, the banks appear to think of a cashless society as the future of the financial world, even though not all believe in cryptos. As a result, their growing interest in the digital finance era pushes the world to learn more about digital money and how to adopt it.

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