In an X thread on Feb. 26, Anchorage Digital unveiled Porto, a new institutional self-custody wallet designed to provide institutions with access to web3 functionalities.

The new solution from the San Francisco-based custodian seeks to tackle the hurdles encountered by institutions when managing cryptocurrencies. According to the custodian, institutions can now tailor policies and permissions, execute Ethereum smart contracts, and link up with decentralized applications through WalletConnect, a protocol facilitating connections to various decentralized applications.

Anchorage founders Diogo Mónica and Nathan McCauley say the platform supports over 200 tokens with such features as trading, voting, staking, and reward claiming, enabling institutions to engage in on-chain activities.

“Our roadmap includes adding multi-network smart contract capabilities for other assets such as Tendermint based assets, and various EVM L2 [Ethereum Virtual Machine layer-2] chains.”

Diogo Mónica and Nathan McCauley

Unlike existing self-custody solutions, Porto does not process transactions via third parties, leaving this functionality up to institutions’ cryptographic instructions. According to Anchorage, its proprietary workflows “remove the need to connect with separate custodian services as other MPC implementations may require.”

Founded in 2017, Anchorage Digital is funded by dozens of investors including Goldman Sachs, Andreessen Horowitz (a16z), Singapore’s sovereign wealth fund GIC, Visa, and many others, with its most recent Series D valuation over $3 billion.

Source