- AnchorWatch secures $3 million in funding led by Ten31 and supported by Axiom BTC, Bitcoin Magazine Fund, Timechain, and others.
- The funding will enable AnchorWatch’s Trident Vault software launch, enhancing security and confidence for BTC holders.
- Trident Vault streamlines commercial Bitcoin custody, offering protocol-level governance, compliance, and embedded regulated property insurance, making it a valuable solution for institutions, estate planning, and more.
On Wednesday, AnchorWatch, a prominent insurer focusing on protecting commercial enterprises’ Bitcoin holdings, announced a successful $3 million fundraising round. The funding round was led by Ten31, with Axiom BTC, Timechain, Bitcoin Magazine Fund, Bitcoin Opportunity Fund, and other investors also participating.
AnchorWatch will be able to meet legal standards and capital demands thanks to the capital infusion, clearing the door for the launch of its Trident Vault software and the selling insurance products suited to Bitcoin holders.
AnchorWatch’s Trident Vault software is another revolutionary Bitcoin custody solution that combines protocol-native custody with high-quality, regulated insurance coverage. This fills a vital need in the Bitcoin market, giving BTC owners more confidence and security.
Trident Vault is a Bitcoin vault that is exclusively designed for commercial usage. It improves compliance and governance on-chain by streamlining remote team workflows, introducing keyholder seniority, and features time-locked spending requirements, thereby increasing compliance and governance on-chain.
According to Robert Hamilton, CEO and Cofounder of Anchorwatch, “Bitcoin owners are still faced with the binary choice between self-custody and third-party sole custodians. In the case of the latter, high-risk trading strategies, or worse, blatant fraudulent activities, have resulted in catastrophic customer losses. Thus, they are hesitant to rely on the commercial key holder to deliver the services promised. AnchorWatch makes owning and holding the bearer asset practical, safe, easy, secure, and verifiable.”
AnchorWatch achieves collaborative custody via two critical techniques. Trident Vault, for starters, supports assisted custody by holding a small number of keys and implementing protocol-level governance and compliance. This strategy improves security by distributing possession over multiple physical places and unrelated entities, reducing the danger of events such as fires, floods, and theft by internal or external actors.
Secondly, AnchorWatch integrates regulated property insurance into Trident Vaults. This insurance ensures that assets are covered in the case of a catastrophic disaster through regulated and collateralized property insurance. AnchorWatch can offer this insurance at a low price because of Trident’s enhanced security.
Ten31’s Managing Partner, Jonathan Kirkwood, emphasized the importance of AnchorWatch’s approach: “AnchorWatch is building both the technical infrastructure to advance bitcoin’s potential as programmable money and the credentialed legal/financial infrastructure for bitcoin to be held by commercial institutions via its insurance offerings. This is a pivotal step that directly aligns with our mission at Ten31 to establish Bitcoin as a viable asset for institutions and investing in the companies at the forefront of innovating in the ecosystem.”
AnchorWatch serves a varied clientele, including family trusts, funds, pensions, family offices, Bitcoin miners, and mining pools. The Trident Vault is especially valuable for estate and inheritance planning purposes, serving estate attorneys, investment advisors, and technical advisors who oversee multiple clients’ Bitcoin custody needs.
AnchorWatch’s dedication to creating Bitcoin custody and insurance solutions places them at the forefront of the Bitcoin industry, ready to give Bitcoin holders with much-needed protection and peace of mind.