Crypto exchange Bybit announced that U.S. federally chartered crypto bank Anchorage Digital now supports institutional custody for its staked SOL coin, bbSOL. The exchange noted that the collaboration enhances bbSOL’s institutional-grade LST standing within the Solana network.
Bybit emphasized that bbSOL enables institutions and users to maintain flexibility and liquidity when accessing Solana staking rewards. bbSOL also helps small investors, including beginners, to earn rewards without taking significant risks. It is a meaningful step toward closing the gap between traditional finance and DeFi.
The exchange added that Anchorage Digital Bank’s custody solution means bbSOL holders can access bank-grade compliance and security under the oversight of the U.S. federal government.
Cryptopolitan recently reported that Bybit plans to develop solutions for efficient liquidity management in response to increasing institutional demand. The exchange raised the daily withdrawal limits for VIP tiers 1 to 3 by 33.3%, from 6 million to 8 million USDT, and up to 60 million USDT for top-tier VIPs. Tiers 4 through Pro 2 can withdraw up to 30 million USDT, while VIP Pro tiers 3 to 5 can withdraw 35 million, 40 million, and 50 million USDT, respectively.
Bao says Bybit is offering institutions an entry point to SOL DeFi
Bybit’s Head of Spot and Founder of Byreal, Emily Bao, stated that by combining regulatory assurance with liquidity, the company now provides institutions with an entry point into SOL’s DeFi space. She added that integrating with Anchorage Digital represents a big leap for bbSOL’s status as an institutional-ready product.
Meanwhile, Nathan McCauley, the co-founder and CEO of Anchorage Digital, said the collaboration aims to unlock additional opportunities for institutions to participate in SOL’s liquid staking. The bbSOL token bridges institutional-grade security with exchange-grade performance.
“We’re thrilled to unlock additional opportunities for institutions to participate in the Solana ecosystem through liquid staking, backed by Anchorage Digital’s security.”
–Nathan McCauley, Co-Founder and CEO of Anchorage Digital
CoinMarketCap data shows that bbSOL is currently trading at $209.22, representing a 6.89% decline over the past 24 hours. bbSOL also has a 24-hour trading volume of $2.39 million, a total supply of 1.61 million bbSOL, and a market capitalization of $338.32 million. The token has a TVL of $393.49 million and an estimated APY of 5.72%.
Anchorage Digital expands options for regulated staking
Anchorage Digital reportedly added bbSOL to its custodial services as part of its mission to bring compliant crypto yield products to a broader range of investors. The crypto bank stated that its custody platform provides insurance protection, regulatory oversight, and secure key management.
The crypto bank’s partnerships with exchanges focus on satisfying institutional compliance requirements. bbSOL’s regulated custody model will be Anchorage Digital’s blueprint for similar integrations on other blockchains.
The U.S. Office of the Comptroller of the Currency (OCC) recently stated that Anchorage Digital’s compliance has sufficiently improved, reversing an earlier consent order.
CEO Nathan McCauley welcomed the decision, noting that it demonstrated that crypto businesses can work within federally regulated frameworks. Anchorage Digital also disclosed that it has been working with regulators to resolve concerns highlighted in the original 2022 OCC consent order.
McCauley also emphasized that the crypto bank has invested substantial resources in developing a robust compliance program, positioning itself as a leader in the crypto regulatory space. He boasted that his company managed to reverse the OCC consent order by addressing feedback from regulators.
The termination of the OCC consent order is part of a regulatory shift under the President Donald Trump administration. Federal regulations have reportedly softened their approach to crypto enforcement over the years, signaling a more supportive and collaborative environment for crypto firms.
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