Fireblocks has today announced support for SOL, the native token of the Solana blockchain, on its institutionally-focused digital asset platform.
The enterprise platform, which is used by institutions to secure over $2tn in digital asset transfers, currently has $45bn in assets under custody (AUC) and follows a “wave of new assets” added to the platform as it continues to expand institutional DeFi access via an array of blockchains including Ethereum, Avalanche and Fantom.
Through the addition of Solana, more than 800 Fireblocks customers can now securely and easily send, receive or custody its native token, SOL, using the platform. In addition, before the end of Q1, Fireblocks will be launching support for SPL tokens alongside staking for both native SOL and SPL tokens.
Solana and its native token SOL – which currently has a market cap of $42bn and a TVL (total value locked) of $9.65bn – have proven to be a big hit with institutional customers due to faster speeds and lower transaction fees compared to other layer-1 competitors.
“Support for the native Solana token has been much anticipated by Fireblocks customers – within the first weekend of announcing support for SOL, we saw close to 25% of all Solana SOL token volume taking place on the Fireblocks platform,” he said.
“We are excited to finally make SOL available to more than 800 of our institutional customers and look forward to seeing SOL go live across the numerous products and services that are being powered by our infrastructure.”