Expanding Horizons: Standard Custody Embraces Solana
New York-based Standard Custody & Trust Company is shaking up the digital asset landscape by adding Solana (SOL) to its roster of cryptocurrencies. This strategic move allows institutional investors not only to hold SOL securely but to engage with Solana’s dynamic ecosystem. Starting Wednesday, the doors are now open for these investors to interact with this high-flying cryptocurrency that’s just been flexing its market muscles.
Direct Access to a Booming Ecosystem
What’s better than simply owning a cryptocurrency? Being able to roam its entire blockchain neighborhood! Institutional players can now set up segregated and on-chain accounts to stake their SOL through Figment. This application layer solution is like the concierge of crypto—offering services that make managing digital assets as easy as pie, or at least as easy as explaining blockchain to your aunt during Thanksgiving dinner.
Custody Services for the Programmers
Standard Custody isn’t just stopping at SOL; they’re gearing up to offer custody services for additional Solana Program Library (SPL) tokens. These special tokens consist of on-chain programs that expand what can be done on Solana. Talk about being the cool kid on the blockchain block! With this move, they’re catering to the growing appetite from institutional clients for innovative and diverse digital asset offerings.
Why Now? The Incredible Surge of SOL
If you haven’t noticed, SOL has been on a tear since January! It recently zipped past Cardano (ADA) and Tether (USDT) to become the fourth-largest cryptocurrency based on market capitalization. Jack McDonald, CEO of Standard Custody, attributes this remarkable growth to the flourishing world of non-fungible tokens (NFTs) and decentralized finance (DeFi). It’s like watching your favorite sports team go from underdogs to champions in just one season!
Institutional Investors: The New Crypto Enthusiasts
Let’s talk about the elephant in the room: institutional involvement in crypto has skyrocketed! After all, it’s not every day you see traditional investors giving a thumbs up to the world of digital currencies. Since the introduction of Bitcoin (BTC) futures way back in 2017, a red carpet has been rolled out for institutional onramps. Platforms now offer secure trading, custody solutions, and even colorful products like exchange-traded funds. It’s like Wall Street decided to join the crypto party, complete with its own glow sticks.
The Role of Major Players in the Shift
Firms like Coinbase, Microstrategy, and Riot Blockchain are key players luring in institutional investors. As the stream of institutional capital flows steadily into the crypto market, public companies are quickly becoming the bridge between conservative hedge funds and this daring new digital frontier. Welcome to the age of institutional crypto!
+ There are no comments
Add yours