Solana could become the 'Visa of crypto': Bank of America
The Bank of America strategist stated that Solana is set to take a slice of Ethereum’s market share, due to its advantages of low transaction fees, scalability and ease of use. 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....
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Bank of America’s analyst says that Solana could take market share away from Ethereum. Noting that Solana is optimized for micropayments, gaming, and non-fungible tokens (NFTs), the analyst expects “Solana could become the Visa of the digital asset ecosystem.”
Bank of America on Crypto, Ethereum, and Solana
Bank of America (BOFA) analyst Alkesh Shah published a research note on cryptocurrency this week arguing that Solana could take market share away from Ethereum.
The Bank of America analyst described that Solana “produces a....
New research from Bank of America Reveals Solana might become the “Visa of the digital asset ecosystem.” Because of its focus on scalability, ease of use, and low transaction costs, the bank stated the Solana blockchain may very well become the equivalent of Visa for the world of cryptocurrencies and NFTs in a research report to its clients after hosting the Solana Foundation’s member Lily Liu. Solana High Throughput Is It Merit In a Tuesday research note, Bank of America digital asset strategist Alkesh Shah said that Ethereum competitor Solana may become the “Visa....
Per an official announcement, payment giant VISA expanded its stablecoin settlement services to the Solana blockchain. The program is currently in a pilot and testing phase but looks to improve upon the capabilities of the legacy payment rails. Related Reading: Solana Co-Founder Pushes For SOL Token Redistribution From FTX To Bankrupt Exchange’s Users VISA Doubles […]
Last week, a report from Bank of America predicted that smart contract platform Solana is expected to become the “Visa” of digital assets. The report explained that while the Ethereum blockchain was a popular choice due to its security and decentralization, it suffered in its scalability. As an attractive alternative, Solana’s prioritization of micropayments regarding gaming and NFTs allowed for a utility similar to that of Visa, but for crypto. “Solana could become the Visa of the digital assets ecosystem. Ethereum’s prioritization could optimize it for high-value transactions and....
Payment giant VISA has significantly moved in the digital currency space by expanding its stablecoin settlement services to the Solana (SOL) blockchain. According to recent announcements, the company aims to enhance the capabilities of traditional payment systems through this pilot program, which is currently in the testing phase. This initiative is expected to improve cross-border settlement speeds and offer a modern option for clients to send and receive funds through Visa’s treasury. In collaboration with merchant acquirers Worldpay and Nuvei, this expansion reinforces....