As a seasoned researcher with years of experience delving into the dynamic world of cryptocurrencies and blockchain technology, I find the expansion of Anchorage Digital’s services to include custody and staking support for Solana-based tokens quite intriguing.
Expanding their offerings, the crypto storage service provider, Anchorage Digital, now supports custody and staking for tokens built on the Solana network.
The U.S.-based federally chartered digital bank, Anchorage, is broadening its crypto services by adding custody and staking options for the Solana network. In a recent statement on August 6th, they announced their support for tokens adhering to the SPL standard within the Solana ecosystem, in addition to their current services for Solana’s native token (SOL).
As a crypto enthusiast, I find myself aligning with Nathan McCauley’s perspective. His recent emphasis underscores the surge in institutional interest towards “ensuring safe and reliable access to premier blockchain platforms such as Solana.”
Established in 2017, Anchorage Digital Bank was launched by Nathan McCauley, Diogo Monica, and Boaz Avital. This digital bank specializing in cryptocurrency custody has gained significant investments from notable firms such as Andreessen Horowitz, Blockchain Capital, Oaktree Capital Management, and more. At the beginning of 2022, Anchorage Digital Bank successfully secured an $80 million investment in a Series C funding round, with a16z leading the charge.
More Solana-based tokens for institutions
Anchorage Digital is broadening its services to cater to the increasing institutional interest in the Solana network, as announced by the custodian. This move follows their initial inclusion of SOL custody in 2022 and staking support in 2023.
On the Solana blockchain, the SPL standard facilitates startups to create their unique tokens, which can seamlessly fit into a variety of scenarios across the network – such as decentralized apps, tokenization, transactions, and governance structures. In essence, this standard, akin to Ethereum‘s ERC-20 and TRON’s TRC-20 standards, was developed specifically to boost the practical applications of protocols within the Solana network.
The announcement aligns with Solana’s recent market movements, where it briefly overtook Binance Coin (BNB) to claim the fourth-largest spot among cryptocurrencies based on market capitalization, only to later return to fifth place. Previously, as crypto.news had mentioned, Solana surpassed Ethereum in trading activity on decentralized exchanges during July, recording a trading volume of $55.8 billion.
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2024-08-06 17:28