Anchorage Digital Bank, the only federally chartered cryptocurrency bank in the US, has announced the launch of its custody services for Solana (SOL) related tokens.
This strategic move allows institutional investors to securely store and manage SPL tokens, marking a significant step in the growth of the Solana ecosystem and catering to the rising interest from institutional investors.
Discover how this expansion could shape the future of cryptocurrency investments.
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Introduction of Custody Services for Solana-Related Tokens
On August 6, 2024, leading US-based cryptocurrency bank Anchorage Digital Bank announced the launch of custody services for Solana (SOL) related tokens, specifically aimed at institutional investors.
Previously, Anchorage only supported Solana itself. With this expansion, the bank now handles certain tokens issued under the Solana Program Library (SPL) standard.
SPL tokens are widely utilized across the Solana network, offering diverse functionalities such as participation in decentralized applications (dApps), asset tokenization, payments, and governance, making them a crucial element of the Solana ecosystem.
Initially, Anchorage will support a select number of SPL tokens, including PYTH, USDC, HNT, and W. The bank plans to gradually expand the range of supported tokens based on customer demand and due diligence reviews.
Anchorage provides a wide array of cryptocurrency services for institutional investors and enterprises. These include digital asset custody, staking, trading, governance, and payments, all delivered through a highly secure infrastructure.
A significant strength of Anchorage is its status as the only federally chartered cryptocurrency bank in the United States, known as Anchorage Digital Bank. This official recognition offers a high level of trust and security to institutional investors.
Reflecting Solana Ecosystem Growth
This service expansion mirrors the growth of the Solana ecosystem and the rising interest from institutional investors. By supporting SPL tokens, Anchorage enables institutional investors to more easily access various projects and applications on the Solana network.
Anchorage plans to continue expanding its services in response to customer needs. This includes supporting new SPL tokens and collaborating with new projects within the Solana ecosystem, anticipating further growth and development.
This move is expected to further promote institutional entry into the cryptocurrency market while contributing to the growth of the Solana ecosystem. Industry observers are closely watching future developments.
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