San Francisco-based cryptocurrency startup Anchorage is looking to Portugal to supply it with fresh talent to fill up its remaining positions.
Anchorage Looks to Europe for Workers
Why Portugal when the company is based on the U.S. west coast? Portugal is a country that’s rather excited about big tech. Thus, it should have the individuals the company needs to ensure its operations can go smoothly and by the numbers. Anchorage president and co-founder Diogo Monica explained in an interview:
For us, Portugal is an amazing engineering pool. In Portugal, everyone’s excited about deep tech. Portugal has some of the world’s best distributed systems research groups, and so anything that has to do with blockchain is rather exciting there.
Anchorage has already hired approximately 13 tech advisors and employees from Portugal to fill up some of its many software positions. The company is also planning to open an office in the city of Porto in the coming months once the coronavirus dies down and people no longer need to worry about social distancing. Monica says that his company has grown by about 50 percent in just the last year alone.
One of the benefits to operating in Portugal will be that cryptocurrency transactions and activities are not taxed. Thus, one can easily purchase crypto with fiat or engage in crypto exchanges and not need to worry about additional fees or what they’ll owe.
We’ve seen a couple of data points where traders are actually thinking of moving to Portugal or starting funds in Portugal because of the massive advantage of not having capital gains versus the United States. It’s not just the Portuguese talent that is world class, and obviously has a pool of talent that is very different from the one we’ve been tapping in San Francisco, but it’s also that, as a country, Portugal is very progressive towards crypto assets, and therefore, it makes it a very safe place to do business in crypto… That’s why we’ve chose to expand into Portugal in a very meaningful way and why it’s so exciting that we’ve been able to open an office with 13 people.
Storage Is Not Just About Being Hot and Cold
The staple product of Anchorage is its storage. It doesn’t focus on either hot or cold storage, but rather focuses on custodial services that are stronger at keeping crypto assets safe regardless of where they’re kept. Monica says:
Other custodians that use this normal process of cold storage, storing private keys and assets in safety deposit boxes can’t really access them in the COVID world, or they would be putting their employees at risk if they did so. There is a narrative that has been in the space for quite a long time. People try to use temperature – hot and cold – as a proxy measure for security.