"AnchorWatch, an insurer that covers commercial entities holding Bitcoin, announced a $3M funding round led by Ten31 with participation from Axiom BTC, Timechain, Bitcoin Opportunity Fund, UTXO Management (the asset management arm of Bitcoin Magazine and host of the Bitcoin Conference), and others."
"AnchorWatch's proprietary Trident Vault software provides a protocol native custody solution to owners of bitcoin, backed by regulated high-quality insurance."
"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 compliance and governance on-chain," was stated in the press release.
"AnchorWatch achieves its superior collaborative custody in two ways. First, their Trident Vault enables supported custody by holding a minority of keys and employing protocol-level governance and compliance. With layered security, Trident Vault allows bitcoin to be custodied in a method that suits its technology by dispersing custody physically and among unrelated entities, reducing risks of loss from catastrophic events like fires and floods, but also from theft by internal and external bad actors."
"Secondly, AnchorWatch embeds regulated property insurance on the bitcoin in a Trident Vault itself. This guarantees that assets are insured in the case of catastrophe via regulated and collateralized property insurance. Because Trident enables superior security during custody, AnchorWatch is able to offer insurance at affordable rates."
"Bitcoin owners are still faced with the binary choice between self-custody and third-party sole custodians. 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," said Robert Hamilton, cofounder and CEO at AnchorWatch.