Solana
Executive predicts more institutional interest as SOL could thrive
Following its recent integration with PYUSD from PayPal, Solana could be poised to gain increased institutional interest amid a thriving SOL token. Indeed, one executive recently spoke about the natural marriage between the Solana network and institutions looking to enter the blockchain space.
Robinson Burkey, co-founder and chief business officer of the Wormhole Foundation, recently discussed the prevalence of Solana. Indeed, Burkley noted that what happened recently with PayPal could be the start of similar developments in the years to come. Subsequently, this could have a massive effect on SOL and its future price movements.
Source: Decrypt
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Solana and PayPal could be the first of many
Throughout this year, Solana has seen tremendous growth. 2024 has seen a growing interest in meme coins, with the Solana network hosting some of the most widespread newcomers. Additionally, it has seen several releases outperforming Ethereum in DEX volume, thus asserting its position in the modern Web3 landscape.
However, perhaps the highlight came when PayPal announced that its PYUSD stablecoin would be expanding to the network. The dollar-pegged asset would now have access to the blockchain after its debut on Ethereum. According to one executive, Solana will continue to attract interest from institutions, which could be good news for SOL.
“Solana and institutions make sense,” said Robert Burkey Cointelegraph. “Industry leaders like PayPal, Stripe and Visa must sustain their offerings. The best way to do this is to meet their most forward-thinking users on the platforms they adopt.
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Plus, Burkey noted. “You will likely see many more institutional moments for Solana in the years to come.” Indeed, the integration of PayPal by Solana is the second time that such a feat has been achieved. In 2023, Visa announced that the USD coin would be expanded to the network. Like PYUSD, the asset would be backed by Ethereum and Solana.
These types of positive developments will be vital for SOL as it attempts to gain momentum. Currently, the asset is up over 13% over the past 30 days, according to CoinMarketCap. As the network gains more attention, so will the asset. Ultimately, this should amount to massive gains over the next few years.