Standard Custody & Trust Company – an N.Y-located crypto asset custodian – reportedly widened its crypto service scope to cover Solana (SOL), rolling out staking and custody of the 6th biggest crypto coin. 

Specifically, starting November 10th, it will reportedly be possible for institutional investors to engage in a direct manner with Solana’s quick developing ecosystem, via both segregated and on-chain accounts, with staking services rolled out via Figment, an application layer solution provider for institutions. 

The firm reportedly claimed that it further aims to offer custody services for Solana Program Library tokens, which are a collection of on-chain programs.

Standard Custody is reportedly offering facilitating features for Solana, in an attempt to satisfy the rising institutional demand for SOL, which has undergone dramatic surges since the beginning of 2021. 

In November, SOL had a brief moment securing the spots of Cardano (ADA) and Tether (USDT) to have a 4th standing in the list of top cryptocurrencies by market capitalization.

Head of Standard Custody – Jack McDonald – reportedly claimed that nonfungible tokens and decentralized finance are the fueling force behind the recent jump witnessed in Solana. 

The two mentioned above are reportedly among the largest and most profitable use cases of the blockchain sphere. Solana’s footprints set in both industries have undergone significant growth over the past months. 

Institutional involvement across the crypto sector has been developing in a considerable fashion throughout 2021, marking a decisive shift in the perspective investors have for virtual assets. 

Since the introduction of Bitcoin (BTC) futures in the last month of 2017, the crypto sphere has reportedly offered institutional onramps to trading platforms, secure custody solutions and new product offerings, nominally exchange-traded products, micro futures and, more recently, exchange-traded funds.