Regulated crypto bank Anchorage Digital said Tuesday it will provide custody and staking support for FLOW, the native token of the Flow blockchain.
According to Anchorage President Diogo Monica, the firm’s decision to support FLOW was based on “massive demand” from its institutional clients, who are not only interested in investing in FLOW, but also in products being built on the network.
The Flow blockchain was developed in 2019 by Dapper Labs, the company behind the ultra-successful non-fungible token (NFT) platform NBA Top Shot. After running into congestion on Ethereum with its first NFT hit, CryptoKitties, the firm decided to build its own blockchain.
To date, NBA Top Shot has been pretty much the only game in town on Flow, though other projects are starting to emerge.
Monica said support from a federally-chartered crypto bank like Anchorage offers protocols like Flow legitimacy in the crowded market, as well as other more tangible benefits.
“There is a lot of other value added here that doesn’t quite come through to the public at large but that exists from us participating in liquidity, providing lending services, providing stable infrastructure, auditing, all these other things,” Monica said.
Anchorage now supports over 60 digital assets, including FLOW.