Cryptocurrency startup Anchorage has launched trading services on its platform. Anchorage provides custodian services for institutional investors in the cryptocurrency industry.
The new venture is called Anchorage Trading. Traders will be charged ten basis points per trade on the platform.
Anchorage was co-founded by Diogo Monica and Nathan McCauley in 2017 and is based in San Francisco, California, and Sioux Falls, South Dakota.
Anchorage is supported by Andreessen Horowitz, Polychain, and Blockchain Capital and has reserves of $57 million. The launch of trading services had been a longstanding demand of its institutional clients.
Commenting on the development, Blockchain Capital co-founder and managing partner Bart Stephens said,
Trading directly from custody has been a critical need of institutional crypto investors for years. Anchorage gives us a level of safety, trust, and ease of use that streamlines the current brokerage/ custody workflow.
Anchorage also announced the acquisition of data analytics firm Merkle Data, which creates data-based solutions for detecting manipulative trading practices.
Merkle Data provides surveillance and data analytics solutions that allow the early-detection of unusual trading activity and manipulative trading.
Merkle Data CEO Louis Baudoin said the two firms had joined hands to provide secure services to institutional cryptocurrency investors thereby strengthening the overall cryptocurrency financial system. Merkle’s data analytics tools are already integrated with Anchorage.
Baudoin further said,
For the past 18 months, Merkle Data has been building the most advanced risk and data solution on the market, while Anchorage has built the most advanced and user-friendly custody solution.
He expressed his admiration for the team behind Anchorage and said that it was an honor to work with them.