Coin Circle Network Report:
Hedge fund veteran and former White House press secretary Anthony Scaramucci said that Ethereum (ETH)’s biggest competitor will play a significant role in the “first-layer blockchain financial revolution.”
In the discussion at the Solana Breakpoint 2024 conference, the founder of SkyBridge Capital said that the countless number of third parties involved in the securities and financial industry have caused unnecessary friction for users.
He said that Solana (SOL) could eliminate friction and potentially unlock $70 trillion in capital, which can then be reinvested in the economy and fully utilized.
“The problem with the securities industry is that it’s not a third-party, it’s actually seven or eight different parties. So if you buy a stock from my account, it has to go through seven different entities to get into your account. 35 years ago, when I joined this industry, it was trade date plus five (T+5). I think we’re down to trade date plus one (T+1), but there’s still a tremendous amount of friction in that situation.
So once we clarify or are able to unwind trades, this system is actually a perfect, near-perfect system that tokenization could happen on Solana. I say that because I own a lot of Solana, and I believe it will, I believe it eventually will.
Let me make you think about how important this is. $70 trillion is spent globally on trade verification, credit card industry, wire transfers, and so forth. Imagine if we could start to tokenize things, eliminate the third party, use distributed networks that trust each other, and reinvest that $70 trillion back into the economy.”
At the time of writing this article, Solana’s trading price was $146.04.
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