Standard Custody & Trust Company Starts Facilitating Solana Staking
Security custody and staking for Solana (SOL) tokens have been added to the offerings of Standard Custody & Trust Company, LLC, an institutional-grade custody and settlement platform for digital assets. This makes Standard Custody & Trust Company, LLC one of the first New York Department of Financial Services-licensed qualified custodians to offer institutional investors direct access to the Solana network.
SCT Company is an institutional-grade digital asset custody, trading, and settlement platform that specializes in the custody, trading, and settlement of digital assets. Traditional capital markets knowledge was combined with top technologists and innovators from pioneering cryptocurrency and distributed ledger technology businesses to create Standard, which was developed and designed by leading technologists and innovators.
Its platform, which is a subsidiary of PolySign Inc., uses revolutionary blockchain technology to secure secret keys from end to end. It also includes distributed trust protocols for ensuring the security of secret keys. A digital asset trading platform built inside Standard’s integrated escrow service allows investors to purchase and sell digital assets directly from custody, removing the need for external transfers and inefficient transactions between separate service providers.
Figment is one of the world’s major blockchain infrastructure and services providers, with customers all around the world. It was founded in 2013 and is headquartered in San Francisco. Founders Matt Harrop, Lorien Gabel, and Andrew Cronk have a combined total of more than 30 years of expertise in successfully launching and expanding internet infrastructure businesses. As a result of this extensive knowledge of infrastructure and security, as well as a passion for decentralized technologies, the Figment platform was launched in 2018. In order to encourage the acceptance, expansion, and long-term success of the Web 3 ecosystem, Figment has established a mission statement.
In order to make it simple for token holders and developers to invest in and build on Web 3 technologies, Figment provides staking, middleware, and application layer solutions that are easy to use. The actual Internet Data Centers, technical operations, development, and management teams of Figment are all based in North America, as is the company’s corporate headquarters.
In addition, through its partnership with staking services provider Figment, Standard Custody provides institutions with the ability to control segregated on-chain accounts and, through its highly secure, regulated, and insured custody, a uniquely safe and convenient solution for owning and staking Solana tokens. Standard Custody is headquartered in New York City. As demand for Solana’s products has risen in recent months, Standard Custody has moved quickly to meet the needs of institutional investors seeking exposure to and yield from SOL’s products.
Lorien Gabel, CEO of Figment, said, “Solana’s fast expanding ecosystem is pushing the boundaries of what blockchain can achieve, and along with Standard Custody & Trust Company, institutions now have a location to safeguard and enhance the return on their Solana investments.”
In terms of pushing adoption of digital assets, institutional investment is a game changer, and the potential to receive yield on Solana through staking will open up new opportunities for exploiting one of the most intriguing blockchains in the business. According to Standard Custody CEO Jack McDonald, “Solana’s spectacular climb in the past few months has been driven by their ability to win significant market dominance in the NFT and DeFi space, and institutional investors are beginning to take a real interest in SOL,” he added.
“In addition to the next-level security provided by Standard Custody & Trust Company, institutions can custody Solana with the confidence that their assets are guaranteed by a prominent New York DFS regulated and insured provider. The backing of Figment broadens the ability of institutions to engage in the network through staking, which is critical for both investors and the long-term health of Solana’s cutting-edge network,” says the company. Expanding upon their existing support for SOLU (Solana) Tokens, Standard Custody will soon provide custody and related services to tokens issued by the Solana Program Library (SPL).
With its unique Proof of History consensus process, Solana is among the quickest, most scalable, and most secure blockchains on the market, and it serves as a perfect centre for the DeFi and NFT industries.
According to Chris McCann, General Partner at Race Capital, “With Solana increasing over 700x in 2021 alone, there has been a tremendous amount of institutional interest and adoption within the Solana ecosystem. The fact that Standard Custody & Trust Company is supporting Solana natively, with staking included, is really exciting to us. This is a significant improvement for the environment, as well as a tremendously good outcome for everyone involved.”