Solana Company has announced a new initiative aimed at bolstering its infrastructure across the Asia-Pacific region. This project, termed the “Pacific Backbone,” seeks to establish a high-speed network connecting key financial hubs including Seoul, Tokyo, Singapore, and Hong Kong.
The Pacific Backbone is designed to cater to the growing institutional demand for decentralized finance (DeFi) tools, liquid staking, and execution services as traditional finance firms increasingly venture into the cryptocurrency sector. The initiative aims to enhance the reliability and accessibility of Solana’s blockchain for market makers, high-frequency traders, and financial institutions.
According to a press release, the project will commence immediately, with performance enhancements and new product launches expected within the next 12 to 18 months. These offerings will include automated market makers and tailored services for financial institutions.
Joseph Chee, CEO of Solana Company, emphasized that this expansion is critical for positioning Solana for what he described as the “next super cycle” in the cryptocurrency market. The initiative aims to minimize dependence on external service providers, reduce latency, and ensure compliance with institutional requirements in regulated markets.
Currently, Solana processes over 3,500 transactions per second and supports millions of active wallets. The company holds a significant position in the ecosystem, being the second-largest treasury firm within the Solana network, with 2.3 million SOL, valued at over $180 million.
Despite the optimistic outlook for its infrastructure expansion, Solana Company’s shares have seen a decline of 13.3% in the latest trading session, bringing the share price down to $1.76. The broader cryptocurrency market has also experienced downturns, with Solana’s value decreasing nearly 6% and Bitcoin falling over 4% within the last 24 hours.
Efforts to reach Solana Company for further comments were unsuccessful at the time of reporting.
Solana Company is launching the "Pacific Backbone" initiative to enhance its infrastructure in the Asia-Pacific region, targeting institutional demand for DeFi services. The project aims to improve accessibility and reliability for traditional finance firms entering the crypto space.