BitGo now offers SPL tokens (built on the Solana ecosystem) in hot wallets and for qualified custody. This gives BitGo clients even more ways to interact with DeFi beyond our existing Solana offering, which includes secure storage and staking for the SOL token.
What Is Solana?
Solana is one of the fastest-growing Layer 1 blockchains in the world today, providing high-speed transactions and low fees (currently averaging $0.00025 per transaction). It achieves this through a combination of Proof of Stake and a new consensus mechanism called Proof of History. Consequently, Solana boasts a current throughput of over 3,000 transactions per second with an estimated peak potential of 65,000 transactions per second.
What Are SPL Tokens?
Solana is home to a number of DeFi applications that have seen significant growth since March 2020. This includes NFT marketplaces, decentralized exchanges, lending protocols, and more. BitGo has chosen to onboard four SPL tokens to start with more coming soon. The first four are USDC, USDT, GMT, and SRM.
Stablecoins are an integral part of the DeFi ecosystem and as such we have prioritized support for the two largest stablecoins today, USDC and USDT.
In addition to stablecoins, we are also supporting Project Serum (SRM) — one of the leading decentralized exchanges on the Solana chain — and STEPN (GMT). STEPN made headlines in both the traditional finance and DeFi worlds when it launched as the first mainstream lifestyle app built on a blockchain. Stepn rewards users with tokens for walking, running, or jogging when they own the STEPN NFT’s.
How to Get Started
To start holding SPL tokens with BitGo, go to your Solana wallet, click on settings, and click the ‘enable token’ button. If you are not a BitGo customer, reach out to sales@bitgo.com or fill out the connect with us form on our website.
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About BitGo
BitGo is the digital asset infrastructure company, delivering custody, wallets, staking, trading, financing, and settlement services from regulated cold storage. Since our founding in 2013, we have been focused on accelerating the transition of the financial system to a digital asset economy. With a global presence and multiple regulated entities, BitGo serves thousands of institutions, including many of the industry's top brands, exchanges, and platforms, and millions of retail investors worldwide. For more information, visit www.bitgo.com.
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