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Solana Network Attracts Major Banks and Asset Managers
The post Solana Network Attracts Major Banks and Asset Managers appeared on BitcoinEthereumNews.com. TLDR Financial institutions are actively building on Solana despite its memecoin reputation Solana offers advantages over Ethereum in transaction costs and throughput Major firms like Franklin Templeton, Citibank, and Société Générale announced Solana projects Ethereum has more regulatory clarity in the US market Solana’s technical innovations and developer mindset focus on user experience and scalability Solana, often associated with memecoins and retail trading, is gaining traction among financial institutions looking to build blockchain-based products and services. While Ethereum continues to dominate institutional interest, particularly with BlackRock’s recent tokenized fund launch, Solana is emerging as a compelling alternative for traditional finance players. According to Hadley Stern, chief commercial officer at Marinade Finance and former executive at Fidelity Digital Assets and BNY Mellon, the institutional adoption of both networks remains in early stages. “We could probably count on one hand the amount of TradFi products that are being built or have been built on Ethereum and Solana,” Stern noted in a recent interview. The blockchain platform, launched in March 2020, has experienced a remarkable recovery in 2023. After initially suffering from its association with the collapsed FTX exchange, Solana’s native token SOL has rebounded to become the fifth largest cryptocurrency by market capitalization, valued at $79 billion. September 2023 marked a turning point for institutional interest in Solana, with major financial institutions including Franklin Templeton, Citibank, and Société Générale announcing new projects during the network’s annual Breakpoint conference. Tristan Frizza, founder of Solana-based decentralized derivatives exchange Zeta Markets, observed the expanding institutional presence. “At Breakpoint, it was eye-opening to see how many people are now building on Solana. Institutions are doing pretty crazy stuff,” he stated. While Ethereum maintains advantages in terms of its established presence and developer base, some industry experts point to potential drawbacks. Leah Wald, CEO of Sol Strategies,…
The post Solana Network Attracts Major Banks and Asset Managers appeared on BitcoinEthereumNews.com.
TLDR Financial institutions are actively building on Solana despite its memecoin reputation Solana offers advantages over Ethereum in transaction costs and throughput Major firms like Franklin Templeton, Citibank, and Société Générale announced Solana projects Ethereum has more regulatory clarity in the US market Solana’s technical innovations and developer mindset focus on user experience and scalability Solana, often associated with memecoins and retail trading, is gaining traction among financial institutions looking to build blockchain-based products and services. While Ethereum continues to dominate institutional interest, particularly with BlackRock’s recent tokenized fund launch, Solana is emerging as a compelling alternative for traditional finance players. According to Hadley Stern, chief commercial officer at Marinade Finance and former executive at Fidelity Digital Assets and BNY Mellon, the institutional adoption of both networks remains in early stages. “We could probably count on one hand the amount of TradFi products that are being built or have been built on Ethereum and Solana,” Stern noted in a recent interview. The blockchain platform, launched in March 2020, has experienced a remarkable recovery in 2023. After initially suffering from its association with the collapsed FTX exchange, Solana’s native token SOL has rebounded to become the fifth largest cryptocurrency by market capitalization, valued at $79 billion. September 2023 marked a turning point for institutional interest in Solana, with major financial institutions including Franklin Templeton, Citibank, and Société Générale announcing new projects during the network’s annual Breakpoint conference. Tristan Frizza, founder of Solana-based decentralized derivatives exchange Zeta Markets, observed the expanding institutional presence. “At Breakpoint, it was eye-opening to see how many people are now building on Solana. Institutions are doing pretty crazy stuff,” he stated. While Ethereum maintains advantages in terms of its established presence and developer base, some industry experts point to potential drawbacks. Leah Wald, CEO of Sol Strategies,…
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