AnchorWatch, which covers commercial entities holding Bitcoin, and its Trident Vault software provide a protocol native custody solution to owners of bitcoin. This is also backed by insurance.
This investment will aid AnchorWatch in completing all regulatory and capital requirements needed to deliver Trident Vault to customers. In addition, it will help the firm to start selling policies.
Furthermore, the firm will undertake security audits by a number of specialists to solidify Trident Vault as a viable solution for enterprise use.
AnchorWatch and Trident Vault
Trident Vault is the first bitcoin vault designed specifically for commercial use and integrating dispersed workflows for remote teams. It introduces key holder seniority and time-locked spending conditions to institutional bitcoin custody, bringing custody, compliance and governance on-chain.
The solution enables supported custody by holding a minority of keys and employing protocol-level governance and compliance. Also, it embeds regulated property insurance on the bitcoin in a Trident Vault itself. This guarantees assets are insured in the case of catastrophe.
As a result, the insurer is able to offer affordable rates.
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“Bitcoin owners are still faced with the binary choice between self-custody and third-party sole custodians,” said Robert Hamilton, co-founder and CEO at AnchorWatch. “In the case of the latter, high-risk trading strategies, or worse, blatant fraudulent activities have resulted in catastrophic losses for customers. Thus, they are hesitant to rely on the commercial key holder to deliver the services promised. AnchorWatch makes owning and holding the bearer asset practical, safe, easy, secure and verifiable.”
“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,” added Jonathan Kirkwood, managing partner at Ten31. “This is a pivotal step that directly aligns with our mission at Ten31 to establish bitcoin as a viable asset for institutions, and investing in the companies at the forefront of innovating in the ecosystem.”