Solana could become the 'Visa of crypto': Bank of America

Solana could become the 'Visa of crypto': Bank of America

Bank of America digital asset strategist Alkesh Shah has predicted that Ethereum competitor Solana could become the “Visa of the digital asset ecosystem” in a Jan 11 research note.

The Solana network launched in 2020, and has since grown into the fifth largest cryptocurrency with a market capitalization of $47 billion. An order of magnitude faster than Ethereum, it has been used to settle over 50 billion transactions and mint over 5.7 million non-fungible tokens (NFTs).

Critics however argue its speed comes at the cost of decentralization and reliability but Shah thinks the benefits outweigh the drawbacks:

Trending: If Republicans Win In 2022, Should They Make Trump Speaker Of The House?

“Its ability to provide high throughput, low cost and ease of use creates a blockchain optimized for consumer use cases like micropayments, DeFi, NFTs, decentralized networks (Web3) and gaming.”


Continue reading

You Might Like


Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend