DeFi Technologies Inc. Acquires Solana Trading Systems IP

DailyCoin2023/12/20 04:07

By:DailyCoin

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 Jørgensen.

The IP encompasses “a suite of sophisticated features” 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 driver’s seat in enhancing Solana’s 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,” 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 Jørgensen in exchange for all the IP.

The shares will be issued in five tranches over two years, subject to Jørgensen’s “continued involvement” with DeFi Technologies and its subsidiaries, where he is expected to take a lead role in advancing the company’s DeFi Trading, development, and governance.

Further, the acquisition is subject to the acceptance of the Cboe Canada Exchange and “satisfaction of closing conditions.”

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