Gemini Named $SOL Staking Custodian for DeFiDevCorp, Purpose Investments ETF

Gemini has announced the launch of its institutional staking platform, aiming to position itself as a trustworthy custodian ahead of $SOL ETF approvals in the U.S.

Kickstarting its debut, the CEX has partnered with DeFiDevCorp, a Solana treasury company holding over 621k $SOL, and Purpose Investments, a Canadian Solana ETF issuer.

DeFi Dev Corp, Purpose ETF Partner with Gemini

Gemini is making its presence felt in Solana’s institutional scene, joining forces with TradFi players ahead of what Bloomberg ETF Analyst Eric Balchunas had coined the “altcoin ETF Summer”.

Targeting “ETFs, corporations, and high-net-worth individuals”, Gemini has expanded its custody services to support institutional Solana staking. Initially collaborating with DeFiDevCorp and Canadian Firm Purpose Investments, Gemini has hinted that further partnerships with ETF issuers and other $SOL treasury companies are still in the pipeline.

Gemini’s institutional Solana staking services claim to offer the unique benefit of enabling clients to delegate stake to a validator of their choice. DeFiDevCrop CIO Parker White has acknowledged that this feature is instrumental in helping the firm support its validator, while still benefiting from Gemini’s custodial services.

“The ability to stake SOL via Gemini Custody while maintaining control over our validator selection is a game-changer. It allows us to align our staking strategy with our infrastructure and ecosystem partnerships, all without compromising on custody security." - Parker White, DeFi Development Corp CIO & COO.

Purpose Investments, a Canadian investment firm boasting $24B CAD in total AUM argues that Gemini staking infrastructure is integral to ensuring that investors in its ETF, $SOLL, earn secure yield on their holdings.

“At Purpose, we’re committed to giving investors institutional-grade access to the most innovative opportunities in digital assets. Partnering with Gemini to offer Solana staking reinforces our leadership in the Canadian market and showcases how trusted infrastructure and product innovation can work together to deliver secure crypto yield solutions to investors.” - Vlad Tasevski, Purpose Investments Chief Innovation Officer.

The Purpose Solana ETF currently holds $22.2 M CAD in Assets Under Management, making it the second largest Canadian $SOL ETF behind 3iQ, with $138.2M CAD.

Marinade Select Cracks 840k $SOL TVL

Meanwhile, back in Solana-native territory, stakers are flocking to Marinade’s curated pool of institutional-grade validators, Marinade Select. Earlier this month, Marinade Select witnessed capital inflows of over 719k $SOL, highlighting growing institutional demand for quality staking services.

More recently, Marinade has announced a critical upgrade to one of its flagship products, the Stake Auction Marketplace (SAM). Following concerns that malicious operators received up to 98% of their stake via the platform, Marinade has implemented new tooling to streamline the blacklisting process and slash offenders’ rewards.

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