Kraken Custody Now Supports Solana SPL Tokens — Here's Why Institutions Should Care
(141 days ago) · 1 source · Summarized by CryptoBipto
Kraken Custody has expanded its services to include support for SPL tokens, the token standard built on the Solana blockchain. This move is aimed at attracting Solana-based projects and institutional clients who need secure, compliant custody solutions for a wider range of Solana ecosystem assets.
WHY IT MATTERS
Think of a custody service like a high-security bank vault, but for cryptocurrency. When big institutions — like hedge funds or companies — hold crypto, they can't just keep it on a regular app like you might on your phone. They need professional, insured, and regulated storage. Kraken Custody now supports 'SPL tokens,' which is just the name for any token built on the Solana blockchain (similar to how ERC-20 tokens are built on Ethereum). This means institutions can now safely store a much wider variety of Solana-based assets with Kraken, which could bring more professional money and credibility into the Solana ecosystem.
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