Term Sheet — Wednesday, July 10

Visa has invested millions of dollars in Anchorage, a startup that secures cryptocurrency holdings for institutional investors. The two companies are founding members of Facebook’s high-profile cryptocurrency project Libra.

Anchorage raised $40 million in fresh funding. Visa and Blockchain Capital co-led the round. This is the second known investment Visa has made in a cryptocurrency startup, the first having been made four years ago in Chain, an enterprise blockchain firm acquired in September by Lightyear, a startup affiliated with the cryptocurrency Stellar. The company has raised a total of $57 million in funding to date from investors including Andreessen Horowitz, Khosla Ventures, and SV Angel.

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