Anchorage introduces self-custody crypto wallet for institutional use

Anchorage Digital, a leading crypto custodian, has introduced a new self-custody wallet called Porto, aimed at providing institutions with the ability to engage in various activities within the web3 space. The wallet allows institutions to buy, sell, trade, vote, and collect rewards, catering to the specific needs of institutional investors in the cryptocurrency market.

The San Francisco-based custodian developed Porto to address the challenges faced by institutions in managing cryptocurrencies effectively. With Porto, institutions can customize policies and permissions, execute Ethereum smart contracts, and connect with decentralized applications through WalletConnect, a protocol facilitating interactions with various decentralized applications.

Anchorage founders, Diogo Mónica and Nathan McCauley, emphasize that Porto supports over 200 tokens and offers features such as trading, voting, staking, and reward claiming, enabling institutions to participate in on-chain activities. The platform’s roadmap includes plans to add multi-network smart contract capabilities for assets like Tendermint-based assets and various Ethereum Virtual Machine layer-2 chains.

Unlike existing self-custody solutions, Porto does not rely on third parties to process transactions, giving institutions full control over their cryptographic instructions. Anchorage’s proprietary workflows eliminate the need to engage with separate custodian services, setting Porto apart from other MPC implementations in the market.

Established in 2017, Anchorage Digital has garnered support from various investors, including Goldman Sachs, Andreessen Horowitz (a16z), GIC, Visa, and others, with a recent Series D valuation exceeding billion. The introduction of Porto further solidifies Anchorage’s position as a trusted player in the crypto custody space, catering to the evolving needs of institutional investors in the digital asset ecosystem.

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