AngelList, Anchorage To Open $80M USDC for Startup Funding

• Anchorage Digital and AngelList now allow institutional investors to use their USDC to fund startups.
• AngelList’s portfolio includes Discord, Robinhood, Clubhouse, and BlockFi.
• The partnership also aims to enable institutional investors to trade crypto on Anchorage Digital.

Blockchain-based institutional custody Anchorage Digital has signed a partnership with venture capital platform AngelList to enable investors to use $80 million in USDC to support startups.

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In detail, the partnership will enable investors who use the AngelList platform to utilize their USDC to invest in promising startups. This opens up a means for the said stablecoin to become a viable investment vehicle for AngelList’s 12,000 affiliated startups.

According to a document, AngelList has become an avenue for more than 200 startups to achieve the unicorn status. Prominent firms under the AngelList portfolio include Robinhood, Discord, Clubhouse, and BlockFi.

The $80 million initial USDC investment will be replenished every year. In addition, the partnership believes that the USDC investments will grow every year, given that Web3 is becoming a popular sector on AngelList.

To be clear, the $80 million USDC investment will not come from AngelList itself or Anchorage Digital. Instead, the investment will be from investors who use the AngelList platform. For its part, Anchorage Digital will provide the application programming interface (API) for AngelList users to leverage blockchain technology to invest in their chosen startups.

AngelList also expressed its intention to further expand the partnership with Anchorage Digital. Specifically, AngelList founders will store their funds in Anchorage’s custody vault. What is more, AngelList’s users will also be able to trade cryptocurrency on Anchorage without any regulatory concerns, as the latter is regulated by Canada.

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