Hedge fund veteran and former White House press secretary Anthony Scaramucci says Ethereum’s (ETH) biggest rival will play a major role in the “layer-1 blockchain financial revolution.”
During a discussion at the Solana Breakpoint 2024 conference, the founder of SkyBridge Capital said there are an infinite number of third parties involved in the securities and finance industry, which creates unnecessary friction for users.
He claims that Solana (SOL) has the potential to eliminate friction, potentially freeing up $7 trillion in capital that can then be pumped back into the economy and put to good use.
“The problem in the securities industry is that it’s not just one party, it’s seven or eight different parties. If you buy a stock from my account, it has to go through seven different entities before it gets to your account. When I joined the industry 35 years ago, it was trading day plus 5 (T+5). I think we’re now trading day plus 1 (T+1), but there’s a lot of friction in that situation.
So once we get clarity or we’re able to unwind our transactions, this system will actually be a flawless and near perfect system, and I hope that tokenization will happen on Solana. and I say this because I own a lot of Solana and I believe that it will, I believe that it will happen one day.
I leave you with this thought about how important this issue is. There is $7 trillion spent around the world on transaction verification, the credit card industry, wire transfers, etc. Imagine if we could start tokenizing things and taking third parties out of the equation, using the distributed network to trust each other, and taking that $7 trillion and putting it back into the economy.
At the time of writing, Solana is trading at $146.04.
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