DeFi Technologies announced this week that it has completed the acquisition of intellectual property from Solana developer Stefan Jørgensen. DeFi Technologies said this acquisition marks a significant milestone in its expansion strategy, focusing on enhancing its offerings in the Solana ecosystem.
The IP acquired includes advanced liquidity provisioning, innovative trading strategies and technologies, along with the distribution, management, and analytics of decentralized financial data. These elements are tailored to support the Solana-focused trading desk operated by both DeFi Technologies and Valour Inc. The company believes this will significantly elevate its capabilities, offering trading solutions and unique strategies specifically designed for the new asset.
Jørgensen joins the DeFi Technologies group to lead the company’s expansion in DeFi trading, development, and governance. He was part of the initial engineering team at Bitcoin Suisse from 2017 to 2021, where he contributed to the development of a high-security digital asset custody and a core banking system for cryptocurrencies. From 2021 to 2023, he was involved in creating various types of smart contracts across different blockchains, including financial contracts like those for trading and settling options on the Solana blockchain.
“As a blockchain platform, Solana stands out for its high performance, characterized by swift and efficient processing capabilities,” DeFi Technologies said in a statement. “It is adeptly engineered to support decentralized applications (dApps) and cryptocurrencies. The platform’s distinctive consensus mechanism, Proof of History (PoH) in conjunction with Proof of Stake (PoS), underpins its ability to process transactions rapidly. This feature positions it as an attractive option for developers and users who prioritize speed and cost-effectiveness in blockchain solutions.”
Solana has a market capitalization of approximately $45.7 billion, placing it as the fifth-largest cryptocurrency in the global market.
“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,” said Olivier Roussy Newton, CEO of DeFi Technologies. “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.”