Crypto bank Anchorage, the federally chartered crypto custody firm, is expanding its service offerings. According to CEO Nathan McCauley, the platform is adding support for tokens on the Solana blockchain. This, he shared, during an interview with CoinDesk publication.
By implication, this means that clients may now securely store a select range of tokens that conform to Solana’s SPL (Solana Program Library) standard with it.
Anchorage to Custody Solana-Based Assets
While relatively new, this move is a product of efforts that actually began in 2022. That was the time that Anchorage officially began adding custody support for Solana-based tokens. Notably, however, it was not until last year that it started integrating staking support for these same assets.
In his explanation, McCauley noted that it was a deliberate move by Anchorage to develop custody solutions for SPL tokens in such a cautious manner. He noted that there was no need to rush as the strategic delay worked so well in ensuring that the firm was seeking out only the most reliable and secure offering for its clients.
The decision comes amid a period of recovery for the Solana blockchain. After facing significant challenges in early 2023, following the infamous FTX collapse of November 2022, Solana, alongside several other crypto projects, had their reputations severely impacted. So much so that many within the industry had even written off the Solana ecosystem.
Despite going through such a difficult time, however, Solana has seen a resurgence in user activity. That is, particularly in the area of token trading and staking.
However, it might be worth noting that this comeback by the blockchain has been partly driven by innovative projects such as Pump.fun, a memecoin launchpad that has attracted considerable attention and trading volume.
Interestingly, while Anchorage’s expanded support is a step forward, it remains selective about the assets it will initially custody. For now, Anchorage will accept a limited range of tokens, including USDC, HNT, W, PYTH, and MPLX. However, the company has plans to evaluate and add support for more SPL tokens based as time goes on. These future additions are expected to be based on customer demand and a following review.
