Feb 24, 2018

Andreessen Horowitz invests in digital custody startup Anchor Labs

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.

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Situational awareness

President Trump and First Lady Melania Trump at the Taj Mahal. Photo: Mandel Ngan/AFP via Getty Images

New global coronavirus cases shake Asian stocks

Health workers spray disinfectant in Seoul on Feb. 24. Photo: Chung Sung-Jun/Getty Images

New cases of the novel coronavirus have rocked asset prices in Japan, South Korea and Italy, as those nations and others have ratcheted up emergency efforts to contain the outbreak.

What's happening: Asian stock markets continued to tank overnight, as South Korea's Kospi dropped nearly 4%, Australia's ASX fell by 2.3% and Hong Kong's Hang Seng declined by 1.8%. MSCI’s index of Asia-Pacific stocks outside Japan touched its lowest since early February.

In photos: Trump visits Taj Mahal after massive rally in India

President Trump and First Lady Melania Trump at the Taj Mahal. Photo: Mandel Ngan/AFP via Getty Images

President Trump visited India's Taj Mahal on Monday, hours after telling a massive crowd at a rally in Ahmedabad that he hopes to reach a trade deal with his "true friend" Prime Minister Narendra Modi during his two-day visit to the country.

Why it matters: The countries are forging deeper ties as India’s location, size and economic growth make it the "obvious counterweight to China" for American policymakers.

Go deeperArrowUpdated 1 hour ago - World