Starting today, customers of Anchorage will be able to store both Stellar and Tezos tokens on the custodian’s wallet. Anchorage is an institutional crypto custodian that was backed by the giant of venture capital Andreessen Horowitz.
According to a blog post on the company’s blog, the two new tokens were added for investors today and are already operational. This marks the first time that a fully regulated company lets its customers hold Stellar. At the moment, only Coinbase Custody offers Tezos.
The main reason to list these assets, as explained in the blog post, is that they offer big staking rewards to clients. The rewards range from 1% to 7% and are considered very high in the industry. Customers who decide to store these tokens will be able to determine their staking set-up from a range of options.
According to the company, the clients can have their support in generating a yield from staking these tokens. Full tax-assistance is offered by the company, as well as low fees. All assets are also subject to end-to-end insurance, so even if something happens to them, the clients will not lose their money.
This can be seen as Anchorage’s latest move to face giants of the market such as Coinbase Custody, Fidelity Digital Assets and BitGo. Most of these companies are well-positioned into the market and Anchorage was launched this year, so it needs unique assets and features to be able to compete with them properly.
In related news, Anchorage was recently able to raise $40 million USD from its Series B round, which was led by Blockchain Capital and Visa.