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Illustration: Rebecca Zisser / Axios

Andreessen Horowitz has invested in Anchor Labs, a stealthy startup planning to provide digital asset custody, according to multiple sources. The startup is raising up to $17 million in Series A funding, according to a Delaware filing from December that Axios obtained from Lagniappe Labs, though it's not clear whether the round has closed yet and who else participated.

Hot commodity: Anchor Labs opted to raise funds after acquisition talks with Coinbase didn't end in a deal. In November, Coinbase unveiled its own plans to provide custody services to institutional investors.

  • Digital asset custody is becoming the next big topic on the investment side of digital tokens because it’s a critical requirement for institutional investors.

Similar to what real estate tech company Compass did for its recent $450 million fundraise, Anchor Labs' Delaware filing includes language that will require approval from a majority of preferred shareholders if it wants to create, issue, or sell digital tokens.

Go deeper

White House removes Trump-appointed scientist from overseeing climate report

U.S. President Joe Biden. Photo: Anna Moneymaker-Pool/Getty Images

The Biden administration has removed Trump-appointed atmospheric scientist Betsy Weatherhead from her role overseeing the government's "definitive report on the effects of climate change," the Washington Post first reported Monday.

Why it matters: While Weatherhead has not been fired — merely reassigned to the U.S. Geological Survey — the move represents an effort by the Biden administration to remove Trump-era appointees from scientific roles, per CNN.

Dave Lawler, author of World
58 mins ago - World

Castro era officially ends in Cuba

Diaz-Canel (L) with Raul Castro in 2018. Photo: Ernesto Mastrascusa/Getty Images

The Castro era ended in Cuba on Monday after six decades, with Raúl Castro handing over the reigns of a party founded in 1965 by his brother Fidel.

Why it matters: Miguel Díaz-Canel, 60, now assumes the challenge of maintaining Communist rule while grappling with growing discontent over Cuba's economic stagnation.

Dave Lawler, author of World
1 hour ago - World

Global coronavirus cases hit new high as India's surge continues

Expand chart
Data: Our World in Data; Chart: Axios Visuals

More COVID-19 cases are now being recorded globally each day than ever before in the pandemic, surpassing the previous global peak in early January.

The big picture: At that time, the U.S. and Europe were driving the surge. This time, the biggest source of new cases is India.