Monad taps Anchorage Digital as custodian ahead of MON token launch
Quick Take
- Monad will launch its highly anticipated Layer 1 blockchain and native token on November 24 at 9 a.m. ET.
Crypto services platform Anchorage Digital will offer custody support for MON, the highly anticipated native token of Monad. Asset holders will be able to securely hold and stake MON through Anchorage Digital’s custodial platform or via its institutional self-custody wallet, Porto.
Monad is set to launch its Layer 1 blockchain and native token on Monday, Nov. 24, at 9 a.m. ET.
"Anchorage Digital's role is to connect institutions with the most innovative blockchain ecosystems," CEO Nathan McCauley said in Thursday's release. "By becoming a custodian for MON, we're giving Monad's institutional ecosystem secure access to the network from day one, as well as empowering innovators building directly on Monad."
Founded in 2022, Monad aims to build an EVM-compatible network that rivals the speed and decentralization of Solana and Ethereum. The MON token airdrop was designed to reward thousands of early Monad community members, along with over 220,000 verifiable users of major crypto protocols, The Block previously reported.
“Anchorage Digital made it seamless to bring MON to institutional audiences," said Keone Hon, co-founder of the Monad Foundation. "Anchorage Digital’s support was invaluable from early stages, from managing our private mint to building integrations for a secure custody solution, to offering investors interested in the Monad ecosystem a secure access point for participation. We’re thrilled to work with them in this pivotal milestone for the Monad network.”
Earlier this week, Monad unveiled its tokenomics scheme, where it said that of the max 100 billion MON token supply, 38.5% will be reserved for ecosystem development, 27% for the team, and 19.7% for investors. Around 50.6% of the total supply will be locked at launch.
Monad will also be the first project to debut on Coinbase's new public token-sales platform, which will enable global retail participation.
Update: A previous version of this story referred to Anchorage as the preferred custodian.
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