DeFi Technologies Inc. Acquires Solana Trading Systems IP

DeFi Technologies has doubled down on Solana by acquiring IP central to the blockchainโ€™s trading systems.

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In a strategic move, DeFi Technologies Inc. has struck a deal to acquire intellectual property (IP) central to the Solana trading systems.

Headquartered in Toronto, Canada, DeFi Technologies is a crypto-native company and a pioneer in merging traditional capital markets with the nascent decentralized finance landscape. The company provides investors with wide access to the future of finance through exposure to Web3 and DeFi technologies.

DeFi Technologies Acquires Key IP in the Solana Blockchain

In a press release dated December 18, DeFi Technologies announced that it had finalized a definitive purchase agreement to acquire intellectual property from prominent Solana developer Stefan Jรธrgensen.

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The IP encompasses โ€œa suite of sophisticated featuresโ€ of the Solana blockchain, including innovative trading strategies and technologies, advanced liquidity provisioning, along with the management, analytics, and distribution of DeFi data.

Per the statement, the acquisition puts DeFi Technologies in a strategic position to enrich the Solana blockchain with elevated capabilities, cutting-edge trading solutions, and unique strategies via the Solana-focused trading desk, a collaboration between the company and Valour Inc.

DeFi Technologies CEO Olivier Roussy Newton lauded the acquisition, noting that Valour will take the driverโ€™s seat in enhancing Solanaโ€™s capabilities in the decentralized finance landscape.

โ€œBy integrating this advanced technology, Valour is positioned to deliver superior trading solutions, demonstrating our commitment to leveraging cutting-edge innovations for tangible benefits in our Solana ecosystem offerings,โ€ Roussy Newton stated.

The full acquisition is subject to certain conditions.

Next Steps

According to the acquisition agreement, DeFi Technologies will issue 7,297,090 common shares of the company at a deemed price of $0.55 per share to Jรธrgensen in exchange for all the IP.

The shares will be issued in five tranches over two years, subject to Jรธrgensenโ€™s โ€œcontinued involvementโ€ with DeFi Technologies and its subsidiaries, where he is expected to take a lead role in advancing the companyโ€™s DeFi Trading, development, and governance.

Further, the acquisition is subject to the acceptance of the Cboe Canada Exchange and โ€œsatisfaction of closing conditions.โ€

Read more about Solanaโ€™s latest performance in the NFT landscape:
Solana Closes Gap on Ethereum with Over $16M in NFT Sales

Stay updated on the Solana Saga craze:
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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Brian Danga

Brian Danga is a crypto reporter at DailyCoin covering breaking news. Brian has minor holdings in Bitcoin and Ethereum.

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