Crypto Bank Anchorage Adds Custody for Solana-Based Tokens

Initially, the federally authorized custodial service will enable its clients, which include venture capital entities, hedge funds, and even protocol treasuries, to deposit a small number of tokens that adhere to Solana’s SPL (Solana Programming Language) standard for safekeeping.

In 2022, Anchorage started managing custody for tokens built on the Solana network. They delayed adding staking support until last year. McCauley explained that they chose to take their time in developing and launching custody services for SPL tokens rather than rushing into something prematurely, given that the Solana chain has experienced some setbacks.

Even so, “we’re very responsive to what our clients ask for,” McCauley said.

2023 saw a period where many Solana ecosystem investors doubted its potential following the collapse of FTX, which led to substantial financial and reputational losses. However, the builders remained resilient, and over time, users returned to engage in trading, staking, and minting new tokens on memecoin launchpads such as Pump.fun – a platform that has proven itself as a significant money-maker within the crypto sphere.

memecoins are unlikely to receive custody support on Anchorage anytime soon, even though it has expanded to support SPL assets. Initially, it only accepts a few assets such as USDC, HNT, W, PYTH, and MPLX. However, Anchorage may consider adding more assets based on customer demand and thorough reviews.