Major players in the traditional finance world (TradFi) have taken note of tokenization as one of the more serious and promising Blockchain use cases. Solana is set to be the primary platform used by several heavyweights from the banking industry for tokenizing assets.
The Solana Foundation and the British Blockchain company R3, known for their Corda platform in the institution environment, have announced a new partnership. It is a simple, but ambitious goal: To bring tokenized assets from R3 clients to Solana’s public network in order to increase the size and liquidity of digital asset economies.
R3 Corda’s platform has already amassed assets worth over $10 billion. Clients include HSBC Bank of America Bank of Italy and leading Singaporean financial institutions.
Tokenization can be defined as the process of wrapping real assets in digital wrappers and transferring them to decentralized networks. This process is fast and eliminates bureaucracy.
A report from Boston Consulting Group (BCG) and Ripple suggests that the market for tokenization could reach $18,9 trillion in 2033. The capital market is prepared to move digitally, and the trend is irreversible.
Solana, a new altcoin in the market isn’t just another one. It is a bit behind Ethereum when it comes to TVL but it consistently ranks at the top in terms the amount of transactions, and number of users.
It even outperforms its competitors when it comes to speed and fees. Solana is the perfect platform to run large applications.
