Multicoin Capital's Kyle Samani Urges BlackRock & Fidelity to Bet on Solana for Mass-Market Tokenization
Kyle Samani of Multicoin Capital is a strong, long-term advocate for Solana and has publicly asked major asset managers like BlackRock and Fidelity to choose Solana over Ethereum for their tokenized fund offerings to global retail users. He argues that Solana is a superior platform for mass-market financial applications due to its speed, low cost, and daily usage by retail investors.
Kyle Samani of Multicoin Capital is a strong, long-term advocate for Solana and has publicly asked major asset managers like BlackRock and Fidelity to choose Solana over Ethereum for their tokenized fund offerings to global retail users. He argues that Solana is a superior platform for mass-market financial applications due to its speed, low cost, and daily usage by retail investors.
Key Insights
Retail Focus: Samani asserts that since tokenization is in its early stages and aimed at a global retail audience, firms should build on the blockchain that those users actively use every day, which he believes is Solana.
Technological Superiority: He argues that Solana is cheaper and faster than Ethereum and that Ethereum's "rollup roadmap" effectively removes value accrual from its main asset (ETH) to Layer 2 solutions, making Solana a better investment.
Institutional Moves: BlackRock's tokenized fund, BUIDL, has been expanded to include the Solana blockchain, though BlackRock has so far avoided launching a spot Solana ETF, which Fidelity has already done with the Fidelity Solana Fund (FSOL). Fidelity's fund is available on traditional stock exchanges and incorporates staking rewards.
Firm's Commitment: Multicoin Capital has been invested in Solana since the 2018 seed round and further solidified its commitment by creating a Solana-focused digital asset treasury via Forward Industries, with Samani as the chairman.
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