Real World Asset (RWA) tokenization has recently taken center stage with some of the top industry players focusing on this next shift in the blockchain industry. While speaking at the Breakpoint 2024 conclave, SkyBridge Capital founder Anthony Scaramucci said that tokenization will play a massive role in transaction verification, with Solana playing a key role in the tokenized assets industry.
Solana to Lead the Future of Tokenized Assets
SkyBridge Capital founder Anthony Scaramucci stressed the importance of asset tokenization in streamlining financial systems adding that the industry spends $7 billion per year globally on transaction verification. He also added that tokenization will eliminate the need for third-party intermediaries thereby reducing unnecessary friction in transactions.
While speaking at the Breakpoint 2024 conclave, Scaramucci praised Solana for its leadership in the tokenized assets space, adding that it would lead future developments. “The future is tokenized, and Solana is leading,” Scaramucci remarked. Recently, Scaramuucci has also been closely working on Kamala Harris’s crypto policies.
He added that tokenization will make the trading of assets more flawless in comparison to the existing system with friction. At the recent Breakpoint 2024 event, Solana announced key partnerships with financial giants like Franklin Templeton and Citi Bank. As part of this partnership, Fraklin will leverage the SOL blockchain for its on-chain mutual fund. On the other hand, Citi Bank is also exploring the Layer-1 blockchain to process transfers along with other smart contract services.
On the other hand, $100 billion asset management giant WisdomTree has unveiled a new platform to provide seamless access to real-world tokenized assets. The WisdomTree Government Money Market Digital Fund allows users to engage meaningfully with tokenized assets. Interestingly, the tokens on the platform will be initially minted on the Ethereum blockchain.
SOL Price Rally Ahead?
The SOL price has given a strong recovery of more than 10% from the support levels of $130 this week. This puts the altcoin in a comfortable situation to kickstart a further rally from here onwards for a Solana rally to $200.
Popular trader Peter Brandt showed that SOL is gearing up for a strong rally henceforth with the potential of another 30% gain from here. As of press time, the SOL price is trading at $145 levels. As per the image shared by Peter Brandt, SOL has been consolidating in the range of $130-$210. Thus, it can proceed further to the upper end of this range in the coming days.
Attention all cryptomaniacs.
Looks like $SOL $SOLUSD held support at $120
This could become a rectangle capable of launching a sizable advance pic.twitter.com/id0eTzzsVW— Peter Brandt (@PeterLBrandt) September 20, 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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