• Crypto insurance provider AnchorWatch has announced a $3 million round led by investment firm Ten31.
• AnchorWatch offers Trident Vault, a protocol native custody solution for commercial entities holding Bitcoin.
• The platform will use the funding to undertake key regulatory and capital requirements.

AnchorWatch, a US-based provider of bespoke insurance products for commercial entities that hold Bitcoin, has closed a $3 million seed round led by Ten31, a firm that invests in companies and platforms building Bitcoin-focused infrastructure.

The round attracted participation from Bitcoin Magazine’s UTXO Management, Axiom BTC, Timechain, and Bitcoin Opportunity Fund among others.

Building a protocol native custody solution

AnchorWatch revealed in a press release on Tuesday that it will use the capital injection to “complete all regulatory and capital requirements.” This is part of the company’s effort to bring Trident Vault, a protocol-native custody solution meant for Bitcoin owners, to the market.

“AnchorWatch is building both the technical infrastructure to advance bitcoin’s potential as programmable money and the credentialed legal/financial infrastructure for bitcoin to be held by commercial institutions via its insurance offerings,” Jonathan Kirkwood, managing partner at Ten31, said in a statement.

According to him, the investment in AnchorWatch is “a pivotal step” that aligns with Ten31’s mission of establishing Bitcoin as a practicable institutional asset.

Trident Vault  is backed by regulated insurance and AnchorWatch’s plan is to start selling policies to customers in due course.

As part of its product development, AnchorWatch will allow credentialed firms to undertake security audits of Trident Vault to ensure it is enterprise-ready. Among main features of this BTC vault are layered security and regulated property insurance, with holder seniority and time-locked spending for compliance and on-chain governance.