Cryptoprowl.com / SOL Strategies (CSE: $HODL) has been chosen as the Solana (CRYPTO: $SOL) Staking Provider of Balance, Canada’s oldest and largest cryptocurrency custodian.
Moving forward, privately held Balance will employ SOL Strategies’ Orangefin validator as its top Solana staking provider for its custody clients.
Financial terms of the deal were not made public. However, the arrangement with Balance helps to further grow SOL Strategies’ Solana network.
Balance says that it evaluates staking providers independently, without commercial arrangements or referral fees influencing its recommendations.
In a news release, Balance said that it chose SOL Strategies to be its Solana validator based on its uptime reliability and third-party compliance certifications.
Orangefin will help clients of Balance to successfully stake their holdings of Solana.
Staking is the process of locking up cryptocurrencies to help validate transactions on a Proof-of-Stake (PoS) blockchain, acting as a validator to help secure the network.
In return for staking their crypto, users receive rewards in the form of passive income, making it a way to earn yield on idle assets.
Analysts often refer to crypto staking as being similar to earning interest on cash held in a bank account.
“At Balance, our role is to offer the secure infrastructure and regulatory clarity required for institutions to navigate the Solana network with confidence,” said George Bordianu, co-founder and CEO of Balance, in a news release announcing the deal with SOL Strategies.
“By identifying providers that meet rigorous standards for uptime and third-party compliance, we continue to fulfill our mission as a custodian dedicated to safeguarding the assets of our clients,” added Bordianu.
SOL Strategies currently serves more than 33,500 crypto wallets across its validator network, representing over 5% of all staking participants on the Solana network.
Partners of SOL Strategies include ARK Invest, VanEck, Crypto.com, and Solana Mobile, among others.
HODL stock is currently trading at $2.04 per share in Toronto, having declined 90% in the past 12 months.
