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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

Republican-led Pennsylvania court deems mail-in voting law unconstitutional

Workers count ballots for the 2020 Presidential election at the Philadelphia Convention Center in Philadelphia, Pennsylvania, U.S., on Nov. 3, 2020. Photo: Hannah Yoon/Bloomberg via Getty Images

A Republican-led Pennsylvania court on Friday ruled that the state's mail-in voting law is unconstitutional.

Driving the news: Three Republican judges sided with Republican challengers and ruled that no-excuse mail-in voting is prohibited under the state's constitution. Two Democrats on the panel dissented.

35 mins ago - World

China's ambassador warns Taiwan could spark "military conflict" with U.S.

Photo: Liu Jie/Xinhua via Getty Images

China's ambassador to the U.S. warned in a rare interview with NPR that if Taiwanese authorities "keep going down the road for independence," it would "most likely" lead to a "military conflict" between the U.S. and China.

Why it matters: Chinese officials rarely speak in such blunt terms, but veteran diplomat Qin Gang was unequivocal: "The Taiwan issue is the biggest tinderbox between China and the United States."

Updated 49 mins ago - Economy & Business

Why Neil Young's Spotify standoff matters to the music industry

Neil Young in 2019. Photo: Gus Stewart/Getty Images

Spotify will remove Neil Young's music from its streaming platform, because the 76-year-old rock icon objected to the company's response to vaccine misinformation.

The big picture: This matters more than you'd think, given the popularity of old music.