- Bybit teams up with Anchorage Digital to give bbSOL secure custody and stronger institutional access.
- The partnership makes Solana staking safer for institutions through regulated custody support.
- Anchorage Digital adds trust and compliance to Bybit’s bbSOL in the growing Solana DeFi market.
Bybit’s staked Solana token, bbSOL, has gained institutional custody support from Anchorage Digital. The first federally chartered crypto bank in the United States is called Anchorage Digital. This was announced on October 29 by the Dubai-based exchange. The collaboration marks a major development in positioning bbSOL as an institutional-grade liquid staking token within the Solana ecosystem.
The partnership aims to strengthen security and compliance for institutional investors. It also provides regulated access to Solana’s on-chain yield opportunities. Anchorage Digital’s custody solution offers bank-level protection under U.S. federal oversight. This structure gives institutions confidence while entering the decentralized finance market through Solana staking.
Institutional Access and Regulatory Oversight
Bybit’s bbSOL allows users to earn Solana staking rewards without losing liquidity. Unlike traditional staking methods, it ensures flexibility and immediate asset movement. Anchorage Digital’s custody support combines regulatory oversight with secure asset management. This integration helps institutions manage risk while accessing staking rewards.
The collaboration finalizes soon after Bybit received its Virtual Asset Platform Operator License from the UAE Securities and Commodities Authority. The new license strengthens Bybit’s position as a regulated global exchange. It is also helping it achieve its mission of spreading institutional usage of crypto assets via safe structures.
Broader Developments Across the Crypto Sector
The Anchorage Digital partnership aligns with other recent activities in the Solana and Ethereum ecosystems. On October 29, Western Union announced plans to launch a U.S. dollar-backed stablecoin called USDPT on the Solana blockchain. The project, issued by Anchorage Digital Bank, seeks to bridge traditional finance and blockchain systems.
At the same time, SharpLink Gaming revealed plans to deploy $200 million worth of Ethereum onto Linea. The company expects high ETH-based yields while keeping assets under Anchorage Digital’s custody. These moves highlight Anchorage Digital’s growing presence in institutional crypto operations.
Earlier in July, Anchorage Digital joined forces with Ethena Labs to introduce USDtb. It was the first GENIUS-compliant stablecoin launched in the United States. The initiative used Anchorage Digital’s stablecoin issuance platform to ensure security and compliance for financial firms. Moreover, in September, Tether revealed plans to launch a US-regulated stablecoin called USAT backed by dollars and issued by Anchorage Digital.
Strengthening Confidence in Solana DeFi
Bybit’s partnership with Anchorage Digital enhances trust in Solana’s DeFi environment. It links exchange-level liquidity with institutional-grade protection. The move aims to attract funds, asset managers, and enterprises seeking regulated access to blockchain-based yields.
Solana fell marginally by 0.5% to trade at the time of the press at $193.85. The token has risen by 5% over the last week, indicating a stable investor base in a volatile market.
