Crypto insurance provider AnchorWatch has closed a $3 million seed round led by Ten31, a firm that invests in companies and platforms building Bitcoin-focused infrastructure. The round also attracted participation from Bitcoin Magazine’s UTXO Management, Axiom BTC, Timechain, and Bitcoin Opportunity Fund, among others.
With the capital injection, AnchorWatch will use it to complete all regulatory and capital requirements for the launch of Trident Vault, a protocol-native custody solution for Bitcoin owners. Jonathan Kirkwood, managing partner at Ten31 stated that the investment in AnchorWatch is “a pivotal step” for the firm’s mission to establish Bitcoin as a practicable institutional asset.
Trident Vault is backed by regulated insurance and AnchorWatch is planning to start selling policies to customers soon. The platform will also allow credentialed firms to conduct security audits of Trident Vault to make sure it meets enterprise-level standards. Features of this BTC vault include layered security, regulated property insurance, holder seniority, and time-locked spending for compliance and on-chain governance.