NYDFS-licensed Standard Custody offers Solana staking for institutions

Institutional investors are now looking to expand their exposure to emerging projects like SOL, in addition to Bitcoin and Ether.
Standard Custody & Trust Company is a New York-based digital asset custodian that now offers Solana (SOL) to institutional investors. This allows them to stake and manage the sixth largest cryptocurrency in the world. Institutional investors will be able to interact with Solana’s rapidly expanding ecosystem via both on-chain and segregated accounts. Staking services are offered by Figment, an application layer provider for institutions. The company also stated that it plans to provide custody services to Solana Program Library tokens. This will allow institutional investors to interact directly with Solana’s rapidly growing ecosystem through both segregated and on-chain accounts. Staking services are offered through Figment, an application layer solution provider for institutions. Earlier this week, SOL briefly overtook Cardano (ADA) and Tether (USDT) to become the fourth-largest cryptocurrency by market capitalization.Standard Custody CEO Jack McDonald credited Solana’s recent growth to nonfungible tokens and decentralized finance — two of blockchain’s biggest and most lucrative use cases. In the last few months, Solana has been a prominent player in both these sectors. The institutional involvement in the cryptocurrency industry has increased significantly over the past year. This is a significant shift in traditional investors’ perception of digital assets. Since December 2017, when Bitcoin (BTC), futures were launched, institutional onramps have been provided to trading platforms, secure custody options, and new product offerings. In October, $2B was purchased by institutional managers. Companies such as Microstrategy, Coinbase, and Riot Blockchain play a significant role in attracting institutional investors to cryptocurrency. Publicly-listed companies that have direct exposure to the sector are becoming a viable option for traditional investors as more institutional capital flows into digital assets.

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