Simply put
- The purpose of the integration is to streamline crypto-to-crypt swaps that bypass centralized platforms.
- In the announcement, San Francisco-based Anchorage focused on the “delicate balance” of the institutions that manage Dapps to interconnect with Defi.
- In July, Jupiter announced the introduction of new loan products.
San Francisco-Headquarted Anchorage Digital said on Tuesday that Crypto Bank will add Solana Swap and Ryutidity Aggregator Jupiter to its institution’s independent wallet Porto to expand its services for traditional financial clients engaged in Defi.
The integration aims to simplify the crypto-to-crypt swap and other definition processes within Porto’s dashboard, reducing reliance on external applications, but improves Solana’s liquidity by reducing trade slippage and gaps between expected and executed prices.
“We believe that true institutional adoption of Defi requires a fundamental infrastructure that meets the highest standards of security and compliance,” Nathan McCauley, CEO and co-founder of Anchorage, said in a statement. “Native integration with Jupiter is a key step in building that foundation in Solana.”
Anchorage said institutions face a “subtle balance” in managing distributed applications and third-party risks, adding that Jupiter users also face hurdles when accessing the platform safely through the agency’s interface.
The initiative comes as interest in Solana has risen among institutional investors.
Last week, investments in Solana Exchange-Traded products generated nearly $300 million. This was the most produced product that tracks major altcoins, including Bitcoin and Ethereum, according to Coinshares, an investment company focused on Crypto.
These Solana ETPs account for approximately $1.9 billion inflows since the start of the year, more than any other digital assets except Bitcoin and Ethereum.
Additionally, numerous ETFs from Solana-centric ETFs from Tradfi Giants Fidelity, Vaneck and Franklin Templeton could possibly follow soon on US exchanges this week, with anticipated Securities and Exchange Commission approvals.
Anchorage has been riding the tailwind for the past year. In late August, the U.S. Secretary of the Money Office announced that it had ended its suspension and denial consent order against Anchorage, citing the bank’s “safety and soundness.”
It then followed a month after the Bank and Ethena Lab announced a partnership to debut Synthetic Dollar Protocol’s $1.8 billion USDTB Stablecoin using Anchorage’s Stablecoin Issuance platform.
In December, Anchorage received BitResense, which is difficult to secure in New York, allowing the company to serve financial capital institutions around the world. We introduced Porto Wallet in early 2024.
Meanwhile, Jupiter, a leading Solana Dex aggregator, has acquired offerings at Ratchet to address investor demand, and announced in July it will introduce new loan products later this summer.
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