Monday, May 27, 2024

In a strategic move aimed at bolstering its presence in the rapidly growing world of decentralized finance (DeFi), DeFi Technologies Inc. has announced a definitive purchase agreement to acquire intellectual property (IP) from renowned Solana developer, Stefan Jørgensen. The acquisition is set to usher in a new era for DeFi Technologies as it seeks to enhance its offerings within the Solana ecosystem, positioning itself to capitalize on the blockchain platform’s impressive performance capabilities.

The IP acquired by DeFi Technologies encompasses a suite of advanced features that includes liquidity provisioning, innovative trading strategies and technologies, as well as the distribution, management, and analytics of decentralized financial data. These elements are tailor-made to support DeFi Technologies’ Solana-focused trading desk, which it operates in partnership with Valour Inc. This strategic move will elevate the company’s capabilities, offering cutting-edge trading solutions and unique strategies designed specifically for Solana.

Stefan Jørgensen, the prominent Solana developer behind this IP, will join DeFi Technologies post-acquisition to spearhead the company’s expansion efforts in DeFi trading, development, and governance. Jørgensen brings a wealth of experience to the table, having been part of the initial engineering team at Bitcoin Suisse and contributing to the development of high-security digital asset custody and core banking systems for cryptocurrencies.

Solana, the blockchain platform at the heart of this acquisition, is a critical component of Valour Inc.’s asset management strategy, leading the company’s Assets Under Management (AUM) with over C$168.8 million. What sets Solana apart is its impressive performance, characterized by rapid and efficient transaction processing. The platform’s unique consensus mechanism, a combination of Proof of History (PoH) and Proof of Stake (PoS), enables it to handle transactions swiftly and cost-effectively. With a market capitalization of approximately $30.6 billion, Solana is currently the sixth-largest cryptocurrency globally, making it an attractive option for developers and users alike.

Olivier Roussy Newton, CEO of DeFi Technologies, expressed his enthusiasm for the acquisition, stating, “This strategic acquisition of Solana-based intellectual property is a key milestone for DeFi Technologies and Valour, significantly enhancing our capabilities in the decentralized finance landscape. By 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.”

Under the terms of the agreement, DeFi Technologies will issue a total of 7,297,090 common shares to Mr. Jørgensen, valued at $0.55 per share, in exchange for all of the acquired IP. These shares will be issued in five tranches over a two-year period, contingent upon Mr. Jørgensen’s continued involvement with DeFi Technologies and its subsidiaries. No finder fees will be paid in connection with the acquisition, with the closing of the transaction subject to approval from the Cboe Canada Exchange and satisfaction of closing conditions.

The acquisition of Solana-focused IP marks a significant milestone in DeFi Technologies’ expansion strategy, positioning the company to play a leading role in the burgeoning world of decentralized finance on the Solana blockchain. With Stefan Jørgensen at the helm, DeFi Technologies is poised to drive innovation and deliver cutting-edge solutions to meet the growing demand for Solana-based DeFi products and services.

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