HomeNewsPayPal eyeing Solana to Scale Payment Network

PayPal eyeing Solana to Scale Payment Network

The payments giant – PayPal is reported to be looking into Solana to scale the payments network. Solana developers conclude that the Solana blockchain network has some room for improvement. And it could be improved to become four times faster and efficient than its current form.

During the Solana Breakpoint conference held in Lisbon. SOL developers announced that the Solana blockchain is just starting to upgrade just like Ethereum and Bitcoin. SOL’s utility is boosted and profited by the Metaverse and DeFi ecosystems based on the Solana network.

PayPal eyeing on Solana for their Payments Network

The latest episode of the famous podcast ‘Unchained Podcast’ revealed some surprising things about PayPal. The Senior VP of PayPal, Jose Fernandez da Ponte told that the company have been keeping an eye on the cryptocurrencies like Solana, Polkadot, Ethereum and even Algorand.

The payments giant is said to be persistently observing the L-1 and L-2 platforms to scale the payments.

“I’m sure that if you ask me after six weeks, I could give you four or five different names. This is how exciting it is.”

– Jose Fernandez da Ponte, Senior VP (PayPal)

The Co-founder Anatoly Yakovenko of Solana token also opened up at the Conference, stating:

“In realistic terms, Solan is about four times slower than what it should be. The speed of light halfway around the world is about 110 milliseconds. Of Course, it is going to take a lot of sweat and blood and tears to get there. In theory that all could be the limit of how fast the network can work.”

According to the reports, Solana was indeed the most highly volatile than ever from Sept at 87.8%. Majorly a spike in the volatility is perhaps suggestive on an SOL price rail. Decentralized exchanges lock the majority of the total value of the Solana network. Last week the Reddit co-founded announced to invest $100M Solana in Social Media Projects. The total value of the Solana network is $12.4 Billion.

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