Anchorage Digital has closed a $350 million funding round, valuing the cryptocurrency custody firm at over $3 billion.

The Series D funding round was led by global investment firm KKR and included Goldman Sachs, Alameda Research and Andreessen Horowitz among other big names.

Multibillion-dollar valuations are becoming the norm for crypto custody specialists like San Francisco-based Anchorage, which will manage digital assets for institutions looking to spice up their clients’ portfolios going forward. Take custody-tech providers like Fireblocks and U.K.-based Copper, both of whom recently closed funding rounds, for example.

CoinDesk reported in October that Anchorage was raising at a $2 billion-plus valuation.

“As more and more institutions look to add crypto services into their offerings, we find ourselves at an inflection point,” Anchorage co-founder Diogo Mónica said in a statement, “This funding positions Anchorage Digital to meet the unprecedented institutional demand for this rapidly evolving market.”

This will be KKR’s first direct equity investment in a digital asset company, through its Next Generation Technology Growth Fund II.

“As a pioneer in enabling institutional investors to access digital assets, Anchorage has built a best in class, institutional grade digital asset platform that combines the best practices of both modern security and usability,” said Ben Pederson of KKR’s Technology Growth Equity Team in a statement.

Goldman Sachs is known for having a smart digital assets team, one of the leading banks in the space.

The bank’s backing is testament to Anchorage’s dynamic year, which has included receiving a U.S. federal banking charter from the Office of Comptroller of the Currency, as well as bagging an $80 million Series C round.

“We are certain Anchorage will be a crucial part of the digital asset infrastructure and we are excited to be an investor,” Goldman Sachs Head of North America Digital Assets Oli Harris said in a statement.