Bybit's bbSOL Secures Institutional Custody with Anchorage Digital

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has announced that its staked SOL token, bbSOL, now enjoys institutional custody backing from Anchorage Digital. This collaboration represents a milestone in establishing bbSOL as a viable institutional-grade liquid staking token within the Solana ecosystem.

The partnership allows regulated entities to safely engage in on-chain yield activities associated with bbSOL. Anchorage Digital, being the first federally chartered crypto bank in the U.S., offers secure custody solutions that adhere to federal oversight, thus providing bank-grade security for bbSOL holders. This integration should bolster confidence among funds, asset managers, and enterprises concerned with Solana Decentralized Finance (DeFi) exposure.

Anchorage Digital's CEO, Nathan McCauley, expressed enthusiasm about the new opportunities this partnership unlocks for institutional participation in the Solana ecosystem.