Anchorage Ventures into Institutional Self-Custody with Porto Wallet

San Francisco-based crypto platform Anchorage Digital is unveiling Porto, its latest institutional self-custody wallet. This marks a notable departure from its traditional custodial services, reflecting the evolving demands of institutional clients.

—

Anchorage is known for being the only digital assets firm with a national trust charter from the Office of the Comptroller of the Currency. They’ve mainly served institutions with high-quality cryptocurrency custody services. However, the idea for Porto came directly from clients who wanted a self-custody option that still utilized Anchorage’s advanced technology.

CEO and co-founder Nathan McCauley noted the increasing interest in self-custody solutions, citing flexibility and expanded capabilities on the blockchain as driving factors. “We view this as an expansionary and additive move,” McCauley remarked in a recent interview with Fortune.

Since its inception in 2017, Anchorage Digital has emerged as a prominent custodian in the digital assets space, safeguarding assets like Bitcoin and Ether for institutional clients. The firm’s growth has been fueled by substantial investments from major crypto VCs, including a notable $350 million Series D round in 2021.

The approval of Anchorage’s trust charter with the OCC in 2021 has been pivotal to its success, setting it apart from competitors operating under state-chartered trusts. This distinction comes amidst ongoing regulatory debates, positioning Anchorage favorably in the evolving regulatory landscape.

Porto, unlike Anchorage’s traditional banking services, empowers institutions to independently manage their assets, leveraging advanced technology for security and authentication.
“We really think of this as an expansionary and additive move. We view this as an opportunity to offer our clients more flexibility and control over their assets.”

Nathan McCauley, CEO & Co-founder
While offering self-custodial options presents regulatory challenges, McCauley emphasized Anchorage’s commitment to compliance. Porto launches with support for over 200 tokens, including Bitcoin and Ether, and will be accessible through both iOS and desktop apps.

The launch of Porto comes amid a resurgence in the crypto industry in 2024, following a challenging period in 2023. Anchorage anticipates Porto to diversify its revenue streams, catering to its growing client base with over $45 billion in assets under custody.

Additionally, with the recent launch of spot Bitcoin ETFs, custodial services have garnered significant attention. While Anchorage declined to disclose potential partnerships with ETF issuers, McCauley hinted at future collaborations, positioning Anchorage as a natural choice for ETF custodianship.

“We are the natural custodian to choose for ETFs,” McCauley stated. “It stands to reason that every ETF that is holding large amounts of Bitcoin will want to diversify their customer base to best serve their investors.”

Source