Bison Trails, Coinbase Custody Colab to Add Solana (SOL) Staking as Institutional Demand Grows
Bison Trails and Coinbase Custody are further scaling their collaboration by introducing staking on Solana (SOL) blockchain. According to a press release shared with Bitcoin Exchange Guide, this initiative will enable Coinbase clients to leverage enterprise-grade validators within the Bison Trails ecosystem.
The two entities have been working together and have recently introduced staking on Polkadot as well. This latest milestone, therefore, comes as a significant boost in the ongoing partnership between Coinbase Custody and Bison Trails. Interestingly, both firms are based in New York, with former being regulated by NYDFS while the latter operates as an Infrastructure-as-a-Service Company.
Following this development, Coinbase Custody will feature among the pioneer digital asset cold storage providers to offer to stake on Solana. Combined with the Bison Trails infrastructure, Coinbase Custody is set to give its users an option to stake Solana tokens while their digital assets are stored offline and safe. The press release reads,
“Customers of both Coinbase Custody and Bison Trails will be able to select their Bison Trails validator via the Coinbase interface. This will make it simple to participate in securing Solana and Polkadot in just a few clicks.”
While the press release does not specify a speculated reward range, it highlights that staking SOL tokens at the moment increases the time-frame of becoming active before inflation adjustments are triggered for users to start earning rewards.
Bison Trails CEO, Joe Lallouz, has touted this advancement, noting the underlying value proposition in user experience,
“It's a seamless integration and a phenomenal user experience. We look forward to working with the Coinbase Custody team to continue to add support for more protocols in the near future.”