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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

Parents in Michigan, Virginia sue AG over action on school board threats

U.S. Attorney General Merrick Garland during an October news conference in Mexico City. Photo: Hector Vivas/Getty Images

A group of parents in Michigan and Virginia accused Attorney General Merrick Garland in a federal lawsuit Tuesday of trying to "criminalize" free speech by directing law enforcement to review threats against school staff.

Why it matters: The lawsuit, filed by the conservative American Freedom Law Center on behalf of the parents in two school districts, accuses Garland of seeking to suppress free speech in his memorandum directing federal authorities to counter the threats spike.

Reading the fundraising tea leaves in Virginia

Terry McAuliffe (left) and Glenn Youngkin speak during a debate last month. Photo: Win McNamee/Getty Images

Democrat Terry McAuliffe may be trouncing Glenn Youngkin in fundraising, but when it comes to dollars from donors in Virginia — the state where they're battling to become governor — the Republican has the edge.

Why it matters: With tight polls between the two gubernatorial candidates less than two weeks before Election Day, the parties are also looking to fundraising as a predictor of success.

4 hours ago - Health

FDA authorizes mix-and-match for COVID booster shots

Photo: Francine Orr/Los Angeles Times via Getty Images

The Food and Drug Administration (FDA) on Wednesday gave its approval for Americans to get booster shots that are different from the COVID vaccine they initially received.

Why it matters: The recommendation from the FDA, which also authorized booster shots for people who received Moderna and Johnson & Johnson vaccines on Wednesday, paves the way for an expansion of booster shots.