Anthony Scaramucci, CEO of investment firm SkyBridge Capital and a vocal cryptocurrency advocate, predicted a significant role for Solana SOL/USD in the impending layer-1 blockchain revolution, while also revealing his substantial exposure to the fifth-largest cryptocurrency.

What Happened: During the recent Breakpoint 2024 conference, Scaramucci highlighted the potential of tokenization to revolutionize the current financial system. He pointed out that approximately $7 trillion is spent annually on transaction verification, a cost that could be significantly reduced through tokenization.

He stressed on the need for eliminating third parties and utilizing blockchain’s trustless technology to verify transactions.

“This system is actually a flawless and a near perfect system, and hopefully the tokenization will happen on Solana,” Scaramucci stated. The former White House Communications Director added that he owns “a lot of” Solana.

$7 TRILLION a year is spent on transaction verification – tokenization solves that. The future is tokenized and @Solana will be a major player in the layer-1 blockchain financial revolution.

Enjoyed my not-so-heated debate with @FTI_DA's Christopher Jensen at Breakpoint 2024. pic.twitter.com/E8EH2aQEbB — Anthony Scaramucci (@Scaramucci) September 21, 2024

See Also: ‘Well, It’s Crypto, It’s AI, It’s Some Of The Other Things,’ Says Donald Trump, Unsure Of What His New Crypto Project Even Is

Why It Matters: Solana is often dubbed as an “Ethereum Killer” and its proponents favorably compare the network with Ethereum ETH/USD on parameters such as transaction speed and cost.

Tokenization of real-world assets was emerging as a hot new narrative in the Web3 realm, with the industry having $5.72 billion in total locked as of this writing, according to DeFiLlama.

In layman’s terms, tokenization can be defined as the process of bringing off-chain assets like bonds, real estate, commodities, and much more on blockchain rails, opening up new avenues of growth for both traditional and decentralized finance.

Price Action: At the time of writing, SOL was exchanging hands at $148.87, up 0.21% in the last 24 hours, according to data from Benzinga Pro.

Photo by World Economic Forum on Flickr

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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