AnchorWatch, a leading insurance provider specializing in securing Bitcoin for businesses, has announced the successful completion of a $3 million funding round. 

The round was spearheaded by Ten31 and saw notable contributions from Axiom BTC, Bitcoin Magazine Fund, Timechain, Bitcoin Opportunity Fund, and various other investors. 

This infusion of capital positions AnchorWatch to meet regulatory requirements and financial demands, paving the way for the launch of its innovative Trident Vault software and the introduction of tailored insurance policies for Bitcoin holders.

AnchorWatch's Trident Vault software represents a solution for Bitcoin custody, combining protocol-native custody with regulated insurance coverage. This addresses a gap within the Bitcoin market, providing BTC owners with increased confidence and security.

Trident Vault is a dedicated Bitcoin storage solution designed for commercial use and streamlines remote team workflows, introduces a hierarchical key holder structure, while incorporating time-locked spending conditions, thereby enhancing compliance and on-chain governance.

Robert Hamilton, co-founder and CEO of AnchorWatch, commented on the significance of this development, stating that Bitcoin owners have long been faced with the choice between self-custody and relying on third-party 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."

AnchorWatch achieves collaborative custody through two key mechanisms. First, Trident Vault facilitates assisted custody by holding a minority of keys and implementing protocol-level governance and compliance.

Additionally, AnchorWatch integrates regulated property insurance directly into Trident Vaults. This insurance ensures that assets are protected in the event of catastrophic incidents through regulated and collateralized property insurance. Thanks to Trident's advanced security measures, AnchorWatch can offer this insurance at competitive rates.

Jonathan Kirkwood, Managing Partner at Ten31, emphasized the importance of AnchorWatch's approach, stating, "AnchorWatch is building both the technical infrastructure to advance Bitcoin’s potential as programmable money and the credentialed legal and financial infrastructure for Bitcoin to be held by commercial institutions via its insurance offerings. 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."

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