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Crypto custodian Anchorage Digital is expanding its services to include custody support for the Solana ecosystem. 
Anchorage Digital Bank, a federally chartered crypto bank in the U.S., is expanding its offerings with <a href="https://crypto.news/tag/crypto-custody/" target="_blank" rel="noreferrer noopener">custody</a> support for the <a href="https://crypto.news/tag/solana/" target="_blank" rel="noreferrer noopener">Solana</a> ecosystem. In an Aug. 6 <a href="https://www.anchorage.com/insights/anchorage-digital-bank-expands-custody-support-spl-tokens-on-solana" target="_blank" rel="">announcement</a>, the custodian said it will now support SPL tokens in addition to its existing services for Solana’s (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) native token. 
Nathan McCauley, co-founder of Anchorage Digital, emphasized that the decision was driven by increasing institutional demand for “safe and secure access to leading networks like Solana.” 
Founded in 2017 by Nathan McCauley, Diogo Monica, and Boaz Avital, Anchorage Digital Bank is a crypto custodian that secured backing from such investors as Andreessen Horowitz, Blockchain Capital, and Oaktree Capital Management, among others. In early 2022, the custodian <a href="https://www.anchorage.com/insights/anchorage-raises-80-million-series-c-to-expand-digital-bank-services" target="_blank" rel="">raised</a> $80 million in a Series C funding round led by a16z. 
 You might also like: <a href="https://crypto.news/goldman-sachs-backed-anchorage-launches-self-custody-crypto-wallet-for-institutions/"> Goldman Sachs-backed Anchorage launches self-custody crypto wallet for institutions </a> 
<h2 class="wp-block-heading" id="more-solana-based-tokens-for-institutions">More Solana-based tokens for institutions</h2> 
Anchorage Digital’s latest service expansion aims to “meet rising institutional demand” for access to the Solana ecosystem, the custodian said, adding that it initially added support for SOL custody in 2022 and staking in 2023. 
The SPL standard allows startups on the Solana network to issue their own tokens that can be integrated into various scenarios on the network, including decentralized applications, tokenization, payments, and governance. Similar to <a href="https://crypto.news/tag/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a>’s ERC-20 and <a href="https://crypto.news/tag/tron/" target="_blank" rel="noreferrer noopener">TRON</a>’s TRC-20 standards, the SPL standard was designed to enhance usability cases of protocols on the Solana network. 
The announcement coincides with Solana’s recent market activity, where it temporarily surpassed Binance Coin (<a href="https://crypto.news/price/binance-coin/" target="_blank" rel="noreferrer noopener">BNB</a>) to become the fourth-largest cryptocurrency by market capitalization, before settling back into the fifth position. Additionally, as crypto.news earlier <a href="https://crypto.news/solana-flips-ethereum-dex-volume-with-55b/" target="_blank" rel="noreferrer noopener">reported</a>, Solana outperformed Ethereum in on-chain trading activity on decentralized exchanges during July, boasting $55.8 billion in trading volume. 
 Read more: <a href="https://crypto.news/why-blackrock-is-holding-back-on-solana-etf/"> Why BlackRock is holding back on Solana ETF </a>

Anchorage adds support for custody of SPL-based tokens

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