AnchorWatch aims to bring multisig custody and regulated property insurance to the commerical sector
AnchorWatch, a frontrunner in the Bitcoin insurance sector, recently declared the successful closure of a $3 million investment round. The funding initiative was led by Ten31 and included participation from Axiom BTC, Bitcoin Magazine Fund, Timechain, Bitcoin Opportunity Fund, among other investors. This financial boost equips AnchorWatch with the necessary resources to comply with regulatory standards and financial obligations, thereby setting the stage for the debut of its Trident Vault software and specialized insurance products for Bitcoin owners.
The Trident Vault
Trident Vault is AnchorWatch’s proprietary Bitcoin storage solution, explicitly crafted for commercial applications.
The software simplifies remote team operations and introduces a hierarchical key holder system. It also incorporates time-locked spending conditions, thereby fortifying compliance and on-chain governance mechanisms.
Robert Hamilton, the co-founder and CEO of AnchorWatch, stated:
Bitcoin owners have historically been torn between the dilemma of self-custody and entrusting their assets to third-party custodians. The latter often involves high-risk trading tactics or, in extreme cases, outright fraudulent activities, leading to devastating losses for the clients. AnchorWatch aims to make the ownership and custody of this bearer asset not just secure and verifiable but also practical and straightforward.”
The Dual Mechanism of Custody and Insurance
AnchorWatch employs a two-pronged approach to achieve collaborative custody. Firstly, Trident Vault performs assisted custody by holding a minority of the keys and enforcing protocol-level governance and compliance. Secondly, the company integrates regulated property insurance directly into its Trident Vaults. This insurance coverage safeguards assets against catastrophic events through regulated and collateralized property insurance.
The Investor Perspective
Jonathan Kirkwood, Managing Partner at Ten31, said: “AnchorWatch is not just developing the technical backbone to unlock Bitcoin’s potential as programmable money but also laying down the credentialed legal and financial groundwork for Bitcoin to be adopted by commercial institutions through its insurance services.”
