Solana Price - SOL/NZD : $298.2847
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What is Solana (SOL)?
Solana is a cryptocurrency and layer 1 protocol specifically created to improve blockchain scalability. Built for speed and high throughput, the network's ability to scale allows Solana to process faster, cheaper transactions and support a wide range of decentralised applications (dApps).
The Solana platform features built-in support for smart contracts and provides a more efficient building environment compared to Ethereum. Solana smart contracts, called Programs, make it easy for developers to build, test and deploy their own Web 3 products without needing any prior blockchain experience.
The Solana ecosystem is diverse and hosts a wide range of services that includes; gaming, Non-Fungible Tokens (NFTs), music apps, decentralised finance (DeFi), and decentralised exchanges (DEXs).
Programs (smart contracts) are written in Rust, however, the protocol can also support other programming languages, including C++ and Solidity (Ethereum) as well as other third-party clients, like Substrate (Polkadot).
The native token of Solana is SOL, which is used as a utility token to pay transaction fees on the Solana blockchain. Solana has 360 million coins in circulation and a total market cap of approximately 533 million.
Visit Solana’s official website if you would like to learn more about the Solana project.
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How we treat client assets
No commingling of customer funds: we keep client assets completely separate from our own.
1:1 reserves
We maintain a full 1:1 reserve of all client fiat and crypto assets.
We hold the vast majority of crypto assets in secure offline cold storage, protected in underground vaults with maximum security.
Audited
Our books are balanced and we carry no debt on our balance sheet. We engage external auditors to undertake an annual audit of our financial statements in accordance with Australian Accounting Standards. This includes verification of all fiat and crypto balances held in custody on behalf of clients.
Segregated funds
We do not commingle customer funds. We maintain complete segregation of all client assets to ensure that when you need to make a withdrawal you can.
We keep your assets safe. That is our promise.
Sole custodian
Independent Reserve is the sole custodian of all crypto assets held on our platform. Custody is managed in Australia and we do not use any third party custodians.
We adhere to industry best practices and never lend or trade your assets.