Anchorage Digital makes strategic investment in security firm Immunefi, buys IMU tokens

Anchorage Digital, the crypto financial services provider and first federally chartered crypto bank, is making a strategic investment in Immunefi and buying the security infrastructure firm’s native IMU tokens.

Immunefi will also provide security services for Porto by Anchorage Digital, the digital asset custodian’s self-custody wallet. The institutionally geared Porto wallet enables firms to engage directly with DeFi protocols and deploy onchain investment strategies. 

“As institutions increasingly participate in DeFi through self-custody solutions like Porto, the need for robust security infrastructure becomes paramount,” Anchorage’s Matt Round said. “Immunefi’s proven track record in identifying and preventing vulnerabilities before they can be exploited makes them the ideal partner to help safeguard our users’ onchain activities.”

According to the announcement, Immunefi safeguards over $180 billion in total value locked across leading onchain protocols. In addition to running bug bounty programs, the security platform also empowers a global network of over 60,000 security researchers.

It says it has handed out more than $130 million in bounties to ethical hackers and researchers to date.

The IMU token serves as a way to align incentives among Immunefi users and researchers, and encourage the responsible disclosure of vulnerabilities.

"By partnering with Anchorage Digital and Porto, we're extending our security infrastructure to the institutions that are shaping the future of onchain finance,” Immunefi founder and CEO said. “The $IMU token ensures that every participant in this ecosystem — from security researchers to protocol teams—is aligned around the shared mission of protecting user funds."

Anchorage diversifying

Anchorage, which is reportedly in the market to raise capital ahead of an expected initial public offering, has been diversifying its business in recent months, including expanding its wealth management division through the acquisition of Securitize For Advisors and jumping into token lifecycle management by absorbing Hedgey. 

The firm, which became the first federally chartered digital asset bank in 2021, has also begun expanding its institutional DeFi offerings, including by enabling access to onchain lending protocol Sky using assets that remain in cold storage. It has also taken notable steps in the stablecoin sector, including issuing Tether’s U.S.-based USAT token.

Founded in 2017 by Diogo Mónica and Nathan McCauley, Anchorage achieved a “unicorn” valuation of $3 billion during its last $350 million Series D round in 2021, backed by Apollo, Goldman Sachs, and KKR, among others.

The firm has also made several notable venture bets.