Sygnum Bank report highlights institutional preference to Solana over Ethereum

Sygnum Bank suggests in a Oct. 1 report that financial institutions are increasingly favoring Solana's scalability over Ethereum, despite the latter blockchain's stability and security, as per Cointelegraph. The Swiss crypto bank’s report highlights active industry engagement with Solana, including Visa using it for USDC settlements and Franklin Templeton planning a mutual fund on the platform. Citi is also reportedly exploring Solana for cross-border payments. It is also worth noting that the price ratio of Solana to Ethereum has risen 300% year-on-year and 600% since 2023. Despite these endorsements, former U.S. government contractor Edward Snowden has recently raised concerns about Solana's centralization, which could pose risks if targeted by state interventions.