Anchorage Digital, the federally chartered crypto bank, recently unveiled that it is adding custody support for tokens on the Solana blockchain. Alongside SOL, institutions can now custody SPL tokens too using Anchorage’s services.
Nathan McCauley, the CEO and Co-Founder of Anchorage highlighted that the move to integrate Solana ecosystem tokens caters to the institutional demand for regulated crypto. Highlighting how Anchorage is being responsive to clients’ requests in a responsible way, he said,
“For institutions, having safe and secure access to leading networks like Solana is essential. By adding support for SPL tokens, Anchorage Digital Bank is unlocking a new era for institutional participation across the Solana ecosystem.”
The custody firm will initially allow its customers including venture capital firms, hedge funds, and treasuries of protocols “to stash a handful of tokens that follow Solana's SPL standard.”
Similar to ERC-20 tokens on Ethereum, SPL [Solana Program Library] tokens are the standard tokens on the Solana blockchain.
The custody form started adding custody support for Solana-based tokens in 2022. Last year, it added staking support. McCauley underlined that the company “waited” to build out and launch custody support for SPL tokens “rather than moving too fast, too soon, for a chain that's taken some lumps.”
Anchorage has been making rapid advancements in expanding the ambit of its services. In July, the crypto bank unveiled that it will be offering clients yields of up to 40%, thanks to its tie-up with Hashnote.
Hashnote, in turn, is a digital asset manager developed with backing from leading trading firms Cumberland and DRW. The firms will derive the aforementioned ROI via a suite of derivatives strategies without the underlying assets leaving the custody of Anchorage.
