Anchorage Digital Bank, a federally chartered crypto bank in the U.S., has reportedly declared an extension of Anchorage Digital Solana staking to cover custody and staking support for Solana-based tokens. News sources suggest that this development has the ability to widen the services offered by the platform to satisfy the increasing need for secure entry points to major networks like Solana.
Anchorage Digital Solana Staking: New Avenues
According to the news sources, in a public statement made on August 6, Anchorage Digital unveiled that it will now back Solana-based tokens in the SPL standard. This expansion is a cherry on top of the bank’s existing services for Solana’s native token, SOL.
Nathan McCauley, the co-founder of Anchorage Digital, allegedly said that the addition of this service was driven by the growing institutional need for “safe and secure access to leading networks like Solana.” By adding SPL standard tokens, Anchorage Digital claims that it will give a more diverse and extensive service portfolio, empowering clients to make use of the full potential of the Solana blockchain. This tactical move highlights the company’s dedication to innovation and keeping up with the advancing demands of its institutional client base.
A Peek into the Anchorage Digital Bank
Anchorage Digital Bank was reportedly founded in 2017 by Nathan McCauley, Diogo Monica, and Boaz Avital. The crypto custodian has been the recipient of support from leading investors, including Andreessen Horowitz, Blockchain Capital, and Oaktree Capital Management. In early 2022, the platform was alleged to have secured $80 million in a Series C funding round led by a16z.
Keeping up with the Evolving Demands
Anchorage Digital Solana Staking is supposed to “meet rising institutional demand” for access to the Solana ecosystem. The custodian was reported to add support for SOL custody in 2022 at first. It introduced staking services in the following year, 2023. The expansion to SPL standard tokens enables startups on the Solana network to issue their tokens, which can be connected to several applications on the network, like decentralized applications, tokenization, payments, and governance. The SPL standard stands parallel to the standards of Ethereum’s ERC-20 and TRON’s TRC-20, crafted to augment functionality of protocols on the Solana network.
Market Activity and Performance
The statement from Anchorage Digital comes together at a time of sizeable market activity for Solana. Lately, Solana supposedly left Binance Coin (BNB) behind for a while to secure the status of the fourth-largest cryptocurrency by market capitalization, before settling back into the fifth position.
Furthermore, Solana outshone Ethereum in on-chain trading activity on decentralized exchanges during July, gaining $55.8 billion in trading volume, as reported. This escalated activity displays the increasing importance and adoption of the Solana network in the crypto arena.
By adding custody and staking support for Solana-based tokens, Anchorage Digital allegedly hopes to provide its institutional clients with a variety of options and enhance their ability to participate in the Solana landscape. This development is evident in the custodian’s dedication to staying a leading name in the evolving crypto ecosystem and meeting the needs of its clients.
Takeaway from Anchorage Digital Solana Staking
Anchorage Digital Solana staking shows the company’s deliberate response to the expanding demand for secure and reliable access to leading blockchain networks. By adding SPL standard token support, Anchorage Digital is allegedly ready to offer inclusive services that serve various needs of institutional investors, reinstating its position as a leading crypto custodian in the industry.
Additionally, Anchorage Digital Solana staking not only shows how Anchorage Digital is committed to delivering the best use of technology in the space but also highlights its dedication to providing top-notch security and innovative solutions for its clients. As the blockchain landscape continues to grow, Anchorage Digital’s proactive ideology is reported to ensure that it stays a trusted name for institutional investors seeking strong and futuristic custodial services.
To conclude, by staying on top of market trends and expanding its service offerings, Anchorage Digital is reported to be all set to cater to the challenges and opportunities faced in the ever-changing arena of digital assets, making it a dominating pioneer in the crypto custody market. Learn more with TNYR.
