Anchorage Digital, Kamino, and Solana Company Expand Institutional Collateral Management on Solana

Anchorage Digital today announced an expansion of Atlas collateral management through a new integration with Kamino in collaboration with Solana Company. This integration enables institutions to access native borrowing on Solana using natively staked SOL—all while the collateral remains within segregated custody at Anchorage Digital Bank N.A., a qualified custodian.

By leveraging Anchorage Digital’s federally regulated custody and tri-party collateral management with Kamino’s onchain lending infrastructure, institutions can deploy reward-bearing collateral while preserving control and asset protection. 

“Institutions want access to the most efficient sources of onchain liquidity, but they aren’t willing to compromise on custody, compliance, or operational control. Atlas collateral management allows institutions to keep natively staked SOL held with a qualified custodian while using it productively, bringing institutional-grade risk management to Solana’s lending markets.” — Nathan McCauley, CEO and Co-Founder of Anchorage Digital

‍Keeping assets in qualified custody, while using them in onchain finance

Under this new structure, Anchorage Digital acts as collateral manager for natively staked SOL, enabling institutions to earn staking rewards while simultaneously unlocking borrowing power on Kamino. Collateral remains held in the borrower’s segregated account at Anchorage Digital Bank under a tri-party account control agreement, ensuring that assets never leave Anchorage Digital Bank’s custody even as their economic value is tracked within Kamino’s lending markets.

Using Atlas collateral management, Anchorage Digital provides 24/7 automated oversight of loan-to-value ratios, orchestrates margin and collateral movements, and executes rules-based liquidations when required. This provides institutions with familiar risk, compliance, and operational controls while enabling direct participation.

This model is purpose-built for institutions seeking protocol-native credit while retaining the benefits of working with a federally regulated qualified custodian. With Atlas, institutions no longer have to choose between the higher cost of off-chain borrowing and the safety of industry leading custody standards.

“This collaboration unlocks meaningful institutional demand to borrow against assets held in qualified custody. By partnering with Anchorage Digital, Kamino enables institutions to access on-chain liquidity and yield on Solana while continuing to custody assets within their existing regulated framework.” — Cheryl Chan, Head of Strategy, Kamino

“This structure demonstrates how institutional-grade infrastructure can unlock deeper participation on Solana. It’s a strong example of how regulated custody and onchain lending can work together within the Solana ecosystem. Simply put, this scalable model is the blueprint other treasury companies will follow and institutional investors will demand.” ‍—Cosmo Jiang, General Partner at Pantera Capital Management and a Member of the Board of Directors for Solana Company

A flagship model for institutional onchain finance

Beyond the initial deployment, the collaboration is designed as a repeatable blueprint for institutional participation in protocol borrowing: one that can be reused by other investors, venture firms, and protocols seeking to serve institutional markets.

For protocols:

• Seamlessly connect lending and borrowing markets to protocol-native credit via Anchorage Digital’s tri-party custody infrastructure and collateral management suite.
• Access a new class of institutional borrowers by accepting a full spectrum of collateral, from standard digital assets to reward-bearing, unwrapped (native BTC or ETH), and fiat positions.

For borrowers and financial institutions:

• Access credit directly while collateral remains held at Anchorage Digital Bank
• Keep assets within existing custodial, compliance, and risk management workflows

By enabling institutional access to protocol lending and borrowing while assets remain held with a qualified custodian, Anchorage Digital is expanding the addressable market for Solana and other blockchains.

To learn more about Anchorage Digital’s Atlas collateral management platform, explore integrating your protocol, or access Kamino liquidity through Anchorage Digital, get in touch.