"Solana Company (HSDT) announces Pacific Backbone: a high-speed blockchain infrastructure network for Asia-Pacific region. Targeting crypto adoption hub, a
International blockchain firm Solana Company (HSDT) announced plans to construct a high-speed infrastructure network, dubbed "Pacific Backbone," across the Asia-Pacific region. The initiative aims to bolster the expansion of the Solana blockchain and diversify revenue streams by offering low-latency support for staking, validation, and trading services in key cities: Seoul, Tokyo, Singapore, and Hong Kong.
Institutional demand in the region, recognized as a crypto adoption hub with growing interest in cross-border payments and digital asset development, is the primary target of this initiative. The project aims to enhance Solana's infrastructure accessibility and reliability for market makers, high-frequency traders, and financial institutions, according to a press release.
The construction of Pacific Backbone is set to commence immediately, with performance optimization and additional product launches expected within the next 12 to 18 months. These anticipated rollouts encompass decentralized finance (DeFi) tools, liquid staking, automated market makers, and execution services tailored for traditional finance entities entering the space.
Joseph Chee, Solana Company's CEO, expressed that the expansion will facilitate preparation for what he refers to as Solana's "next super cycle." The objective is to decrease reliance on external service providers, lower latency, and provide a compliant infrastructure suitable for regulated markets.
Solana processes over 3,500 transactions per second and supports millions of daily active wallets, according to the company. Solana Company currently ranks as the second-largest Solana treasury firm, holding 2.3 million SOL, equivalent to approximately $180 million, in its treasury.
On the day of announcement, shares of Solana Company have seen a 13.3% decrease, trading at $1.76. Meanwhile, Solana itself has dipped nearly 6% within the past 24-hour period.
In a significant development in the cryptocurrency market, Bitcoin (BTC) witnessed a decline of over 4% as of reporting. Efforts by CoinDesk to obtain comment from the Solana Company have not yielded a response as of press time.
The exact reasons behind the downturn in BTC remain unclear, with numerous factors potentially influencing market movements. Further updates will be provided as more information becomes available.
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