Connect with us
DAPA Banner

Crypto World

Solana Company starts building high-speed infrastructure to prepare SOL for next ‘super cycle’

Published

on

Solana Company starts building high-speed infrastructure to prepare SOL for next 'super cycle'

Solana Company (HSDT) said it plans to build a high-speed infrastructure network across the Asia-Pacific region to support the growth of the Solana blockchain and diversify its revenue streams.

The initiative, called the “Pacific Backbone,” will connect Seoul, Tokyo, Singapore and Hong Kong with a low-latency cluster designed to support staking, validation and trading services on Solana.

The move targets institutional demand across the region, which has become a hotspot for crypto adoption, cross-border payments and digital asset development.

The buildout aims to make Solana’s infrastructure more accessible and reliable for market makers, high-frequency traders, and financial institutions, according to a press release.

Advertisement

The company said the project will begin immediately, with performance optimization and additional product launches expected in the next 12 to 18 months. These include DeFi tools, liquid staking, automated market makers and execution services tailored to traditional finance firms entering the space.

Joseph Chee, CEO of Solana Company, said the expansion will help prepare for what he called Solana’s “next super cycle.”

The goal is to reduce reliance on external service providers, reduce latency, and provide a compliant infrastructure that meets institutional requirements in regulated markets.

Solana, the firm said, processes over 3,500 transactions per second and supports millions of daily active wallets. Solana Company is currently the second-largest Solana treasury firm, with 2.3 million SOL, or over $180 million, in its treasury.

Advertisement

Solana Company’s shares are down 13.3% in today’s trading session to $1.76, amid a wider cryptocurrency market drawdown. Solana itself is down nearly 6% in the last 24-hour period, while BTC is down more than 4%.

CoinDesk has reached out to Solana Company for comment but hasn’t heard back at the time of writing.

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

South Korea Tightens Crypto Rules with 5-minute Asset Verification Mandate

Published

on

South Korea Tightens Crypto Rules with 5-minute Asset Verification Mandate

South Korea has ordered all crypto exchanges to reconcile their internal ledgers with actual asset holdings every five minutes after an inspection uncovered weaknesses in internal controls.

The directive was announced on Monday by the Financial Services Commission (FSC) after a meeting with top crypto exchanges and the Digital Asset Exchange Alliance (DAXA), during which they discussed the findings of an emergency inspection triggered by the Bithumb payout incident.

The inspection found that three of the country’s five major exchanges were reconciling balances only once every 24 hours, limiting their ability to respond quickly to discrepancies. Systems designed to halt trading during major mismatches were also found to be insufficient, raising concerns about how exchanges would handle large-scale errors.

In February, Bithumb mistakenly distributed 620,000 Bitcoin (BTC) to 249 users during a promotional event. The exchange later announced that it recovered 99.7% of the funds the same day. The remaining 0.3%, 1,788 BTC that had already been sold, was covered using company reserves.

Advertisement

Related: Bithumb seeks to reappoint CEO despite recent controversies: Report

South Korea mandates five-minute asset checks

Under the new measures, exchanges must implement automated ledger-to-wallet reconciliation systems operating on a five-minute cycle. They will also be required to introduce defined criteria for triggering automatic transaction halts in the event of significant discrepancies.

Beyond reconciliation, regulators are pushing for sweeping changes to internal operations. High-risk processes like promotional payouts will require stronger oversight, including third-party cross-checks and multi-level approval systems. Exchanges will also need to separate high-risk accounts and implement automated verification tools for payments.

Top Korean crypto exchanges. Source: CoinGecko

Furthermore, external audits will shift from quarterly to monthly, while disclosures will expand to include detailed asset balances by wallet and ledger.

“The financial authorities and the DAXA plan to complete the rule changes needed to implement the improvement measures within April this year,” the FSC wrote.

Advertisement

Related: South Korean brokerage Korea Investment & Securities eyes Coinone stake: Report

Bithumb delays IPO to post-2028

Last week, Bithumb announced it is now targeting an IPO after 2028, marking another delay from its earlier 2025 plans as it works through restructuring and regulatory pressure. The exchange said it will focus on strengthening accounting policies and internal controls through 2027, following an advisory agreement with Samjong KPMG.

Meanwhile, Naver Financial has also delayed its planned share swap with Dunamu by about three months, now targeting a shareholder vote on Aug. 18 and completion by Sept. 30.

Magazine: South Korea gets rich from crypto… North Korea gets weapons

Advertisement