Partnership with Figment Enables Institutions to Securely Custody, Stake and Interact Directly with Solana Network
Standard Custody & Trust Company, LLC, an institutional-grade custody and settlement platform for digital assets, announced secure custody and staking support for Solana (SOL) tokens, making it one of the first NYDFS-licensed qualified custodians to provide institutional investors with the ability to interact directly with the Solana network.
Standard Custody’s highly-secure, regulated and insured custody gives institutions the power to control segregated, on-chain accounts, and through a partnership with staking services provider Figment, a uniquely safe and convenient solution for owning and staking Solana tokens. As demand for Solana’s products has soared in recent months, Standard Custody worked swiftly to fill a need for institutional investors seeking exposure and yield from SOL.
“Solana’s rapidly growing ecosystem is pushing the boundaries of what blockchain can do, and together with Standard Custody & Trust Company, institutions now have a place to secure and enhance return on their Solana investments,” said Lorien Gabel, CEO of Figment. “Institutional investment is a game changer for driving adoption of digital assets, and the ability to earn yield on Solana through staking will open up new possibilities for utilizing one of the most exciting blockchains in the industry.”
“Solana’s meteoric rise in the past few months has been the result of their ability to gain significant market share in the NFT and DeFi space, and institutional investors are starting to look at SOL with serious interest,” said Jack McDonald, CEO of Standard Custody. “In addition to Standard Custody & Trust Company’s next-level security, institutions can custody Solana knowing their assets are backed by a leading New York DFS regulated and insured provider. Figment’s support expands institutions’ abilities to participate in the network through staking, which is crucial for both investors and the long-term health of Solana’s cutting-edge network.”
Building on its support for SOL tokens, Standard Custody will soon provide custody and related services for Solana Program Library (SPL) tokens. Solana’s unique Proof of History consensus mechanism makes it one of the fastest, most scalable and most secure blockchains, and an ideal hub for the DeFi and NFT market.
“With Solana growing over 700x in 2021 alone, there has been a huge amount of institutional interest and adoption within the Solana ecosystem,” said Chris McCann, General Partner, Race Capital. “We are very excited to see Standard Custody & Trust Company support Solana natively with staking included. This is a huge step up for the ecosystem and a hugely positive development for everyone involved.”
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Standard Custody & Trust Company is an institutional-grade custody, trading and settlement platform for digital assets. Standard was founded and designed by leading technologists and innovators from pioneering cryptocurrency and distributed ledger technology companies blended with traditional capital markets expertise. A subsidiary of PolySign, Inc., Standard’s platform offers novel blockchain technology that provides end-to-end encryption and distributed trust protocols for securing secret keys. Standard’s integrated escrow trading platform enables investors to buy and sell digital assets directly from custody, eliminating the risk of external transfers and inefficient transactions between different providers. Standard embodies high standards for regulatory and compliance excellence, empowering financial institutions to leverage their digital asset positions with confidence in best-in-class security protocols.
Figment is one of the world’s largest blockchain infrastructure and services providers serving customers worldwide. Co-founders Matt Harrop, Lorien Gabel and Andrew Cronk have 30+ years of experience successfully starting and scaling internet infrastructure companies. This deep expertise in infrastructure and security, combined with a passion for decentralized technologies, led to the launch of Figment in 2018.
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