SkyBridge Capital founder Anthony Scaramucci stated Thursday that JPMorgan Chase & Co.’s (NYSE:JPM) move to issue debt securities using Solana (CRYPTO: SOL) supports his firm’s investment thesis.
Scaramucci Cheers JPMorgan’s Tokenization Push
Scaramucci highlighted the report about JPMorgan issuing $50 million in U.S. commercial paper for Galaxy Digital Inc. (NASDAQ:GLXY) directly on Solana, one of the first instances of a major global bank using a public blockchain to issue and service securities.
Interestingly, JPMorgan’s move comes days after CEO Jamie Dimon said that the banking giant is open to leveraging blockchain technology to improve services for its clients.
Scaramucci, a known cryptocurrency advocate, hailed the development as “good news” for his investment thesis about Solana and Avalanche (CRYPTO: AVAX).
See Also: Why Is Bitcoin Not Going Up After The Fed Cut Rates?
Scaramucci Is A Vocal Advocate Of SOL, AVAX
Scaramucci has been optimistic about Solana’s future. At a conference on Thursday, he predicted that Solana would “flip” Ethereum (CRYPTO: ETH), arguing that the network is expanding faster in developer activity, user growth and throughput capacity.
He told Benzinga in an October interview that Skybridge holds a long position in the asset.
Scaramucci also said that he likes Avalanche and labeled it a “versatile” asset. He serves as a strategic advisor of AgriFORCE Growing Systems Ltd. (NASDAQ:AGRI), an AVAX-focused treasury company.
Price Action: Shares of JPMorgan rose 0.14% to $317.84 in the after-hours session. The stock closed 2.34% higher at $317.38 during Thursday’s regular trading session, according to data from Benzinga Pro.
JPM ranked moderately high on the momentum and growth metrics as of this writing. To check out how other banking stocks stack up, visit Benzinga Edge Stock Rankings for more details.
Photo courtesy: Al Teich / Shutterstock.com
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