Large Tradfi institutions to pursue tokenization efforts at Solana

A number of large banks and other traditional economic (tradfi) institutions are set to use Solana Blockchain for their tokenization efforts.

R3, a British developer of blockchain technology for financial institutions, collaborates with the Solana Foundation to bring the former clients and their tokenized assets in the real world to Solana.

Through its blockchain platform, Corda, R3 has over $ 10 billion in assets and counts like HSBC, Bank of America, Bank of Italy and the monetary authority in Singapore among its participants.

Tokenization, the expression of adorning assets in the real world as equities and bonds such as digital tokens, which can be traded on decentralized networks, is one of the most important application cases on blockchain technology that attracts the tradition’s attention and investment.

A recent report from the Boston Consulting Group and Crypto Payments Company Ripple said the tokenization market could reach $ 18.9 trillion by 2033.

R3’s goal is to supercharge the scope and liquidity of the tokenized asset ecosystem by making the assets available on a public blockchain like Solana.

The total value of assets stored on Solana may be dwarfed by Ethereum, but it treats more transactions and has more active addresses.

“As the world’s most used public blockchain, Solana … [is] The ideal foundation for the next generation of regulated digital financing, “R3 said in a message on Thursday.

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