The cryptocurrency custodian Anchorage Digital is adding custody and staking support for tokens based on Solana to its list of offerings.
A federally-authorized cryptocurrency bank in the United States, Anchorage Digital Bank is growing its services to include custody and staking assistance for the Solana ecosystem.
The custodian announced on August 6 that, in addition to its current services for Solana’s native token, it will now offer tokens based on Solana in the SPL standard.
Co-founder of Anchorage Digital Nathan McCauley stressed that growing institutional demand for “safe and secure access to leading networks like Solana” was the main factor behind the move.
Anchorage Digital Bank is a cryptocurrency custodian founded in 2017 by Nathan McCauley, Diogo Monica, and Boaz Avital.
Among its investors are Andreessen Horowitz, Blockchain Capital, and Oaktree Capital Management. The custodian raised $80 million in a Series C investment round headed by a16z at the beginning of 2022.
More Solana-Based Tokens for Institutions
The custodian said Anchorage Digital’s latest service expansion aims to “meet rising institutional demand” for access to the Solana ecosystem, adding that it initially added support for SOL custody in 2022 and staking in 2023.
The custodian stated that the goal of this expansion is to “meet rising institutional demand” for tokens based on the Solana ecosystem.
Tokenization, payments, decentralized applications, and governance are just a few scenarios on the Solana network that can be connected with tokens issued by entrepreneurs thanks to the SPL standard.
The SPL standard, like the ERC-20 standards for Ethereum and the TRC-20 standards for TRON, was created to improve the use cases of protocols on the Solana network.
The news is related to Solana’s recent trading action, which briefly overtook Binance Coin (BNB) to take the fourth spot among all cryptocurrencies by market capitalization before falling back to the fifth spot.
Furthermore, Solana beat Ethereum in on-chain trading activity on decentralized exchanges in July, as previously reported with $55.8 billion in trade volume.
