AnchorWatch, a Bitcoin insurance provider, has raised $3 million in a funding round to expand coverage to more commercial clients. Ten31 led the round, which included investments from Axiom BTC, Timechain, Bitcoin Opportunity Fund, UTXO Management, and others. AnchorWatch has developed Trident Vault, a proprietary software designed to give Bitcoin investors peace of mind, by enabling a protocol-native custody solution backed by regulated, high-quality insurance.
Trident Vault is central to AnchorWatch asset security success
Through its insurance products, AnchorWatch is laying the groundwork for Bitcoin to be held by commercial institutions, as well as the technical infrastructure to further Bitcoin’s potential as programmable money.
This new funding will enable AnchorWatch to meet all financial and statutory requirements for delivering Trident Vault to clients and beginning to offer insurance. To further establish Trident Vault as a safe and reliable custody option for business, the company will also undergo security audits by a variety of reputable businesses.
Over the past year, investors that store their cryptocurrency in non-custodial wallets have suffered major losses due to high-risk trading strategies and, in the worst cases, outright fraud. As a result, people are sceptical that the commercial key holder is capable of providing the advertised benefits. AnchorWatch makes it convenient, safe, simple, secure, and verifiable to own and hold the bearer asset.
By keeping a small number of keys and using stringent protocol-level controls, Trident Vault facilitates supported custody. By dispersing Bitcoin’s physical and legal custody among unconnected businesses, Trident Vault provides multi-layered security that protects against loss due to natural disasters like fires and floods as well as theft by malicious insiders and outsiders.
The BTC stored in a Trident Vault is also covered by AnchorWatch’s embedded regulated property insurance. This ensures that assets are covered by a standardised and collateralized property insurance policy in the event of a disaster. AnchorWatch is able to provide cheap insurance thanks to Trident’s improved custody security.
Inheritance and estate planning are two areas where the Trident Vault can be especially useful. It is useful for trust and estate lawyers, financial planners, and technical consultants who manage Bitcoin for several customers.