The approval of spot bitcoin exchange-traded funds (ETFs) has become a significant event in the world of cryptocurrencies, but according to Sheraz Sher of the Solana Foundation, this is just the first step towards integrating blockchain systems into traditional finance.

Sher, head of payments at the Solana Foundation, emphasizes that spot bitcoin ETFs play an important role in expanding access to digital assets to a wider audience, including institutional investors and ordinary users. However, he argues that there is great potential in this process to introduce new financial solutions into traditional finance.

"The real advantage is to increase the efficiency of legacy financial systems and the ability to create new financial instruments that were previously unavailable, such as markets for tokenized assets," explains Sher.

Cher admits that it may take time, but with clearer rules and regulations, blockchain technologies will attract more traditional financial institutions.

In addition, he notes that the participation of more enterprises in the blockchain will also lead to an increase in the number of users of this technology, which in turn will attract more developers and entrepreneurs, contributing to the further development of the blockchain.

It should be noted that on January 24, the Solana Foundation announced a new feature called "token extensions", which is designed to support developers, enterprises and financial institutions wishing to integrate their business into the blockchain.

According to Sher, this new feature was created to solve the problems of corporate enterprises and includes law enforcement solutions that will help developers adapt to an ever-changing legal environment.

"A lot of the reasons why regulated organizations preferred to use private blockchains can now be solved with token extensions, as they already include compliance with laws as a standard part of tokens," Sher added.

This feature also allows asset issuers to avoid contact with sanctioned wallets and comply with regulatory requirements regarding asset freezing and confiscation. According to Sher, it can also facilitate the disclosure of confidential data of suspicious transactions in accordance with the law.