Bybit’s Liquid Staking Token bbSOL Receives Escrow from Anchorage Digital, the First Federal Crypto Bank in the United States

Cryptocurrency exchange Bybit announced that its Solana liquidity staking token, bbSOL, has officially received institutional-grade custody support from Anchorage Digital, the first federally chartered crypto bank in the United States.
(Preliminary summary: Bybit Web3 officially upgraded its brand to "Bybit Alpha")
(Background supplement: Participate in Bybit's "bbSOL Annualized Privilege" and enjoy up to 20% annualized return by staking)

(This article was edited by Bybit The article is written and provided and does not represent the position of Dongzhong, nor is it an investment recommendation, purchase or sale recommendation. See the liability warning at the end of the article for details.)

Bybit announced today that its Solana pledged asset bbSOL has officially received institutional-level custody support from Anchorage Digital. Anchorage Digital is the first federally chartered crypto bank in the United States, providing secure and compliant asset custody services to institutional investors.

This cooperation marks an important step for bbSOL to become an "institutional-grade" liquid pledged token (LST) in the Solana ecosystem, creating a safe and trustworthy way for regulated institutions to participate in on-chain earnings.

bbSOL is a Solana staking asset launched by Bybit. Users and institutions can obtain Solana staking rewards while maintaining asset liquidity and flexibility. With Anchorage Digital Bank's secure custody solution, bbSOL holders will benefit from bank-level security and compliance guarantees that comply with U.S. federal regulatory standards, further enhancing the trust of funds, asset management institutions and enterprises in Solana DeFi.

Emily Bao, head of Bybit’s spot business and founder of Byreal, said:

“The addition of Anchorage Digital is an important milestone for bbSOL towards institutional-grade products. By combining liquidity and regulatory protection, we provide institutional investors with a compliant and transparent entrance into Solana’s DeFi ecosystem - with Bybit ”

Nathan McCauley, co-founder and CEO of Anchorage Digital, said:

“We are pleased to open up new opportunities for institutional investors to participate in Solana ecological liquidity staking through Anchorage Digital’s secure custody solution.”

Through Anchorage Digital’s infrastructure, bbSOL It achieves the integration of "exchange-level performance" and "institution-level protection". This cooperation further demonstrates Bybit’s commitment to creating a safe, compliant and efficient DeFi channel for institutions to welcome a new wave of institutional participation.

About Bybit

Bybit is the world’s second largest cryptocurrency exchange by trading volume, serving more than 70 million users. Founded in 2018, the company is committed to redefining the financial experience in the decentralized world based on the concepts of "openness, simplicity, and equality."

Bybit focuses on the development of the Web3 ecosystem and strategically cooperates with multiple top blockchain protocols to provide robust infrastructure and promote on-chain innovation. The platform is famous for its secure custody, diverse markets, intuitive operating interface and advanced tools. It is committed to connecting traditional finance (TradFi) and decentralized finance (DeFi) to help build the future of Web3.

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