DeFi Technologies acquires IP from renowned Solana developer Stefan Jørgensen
As part of a strategic move to strengthen its position in the fast-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. This acquisition will usher in a new era for DeFi Technologies as it strengthens its offerings within the Solana ecosystem and positions the company to leverage the impressive performance capabilities of the blockchain platform.
The IP acquired by DeFi Technologies includes a set of advanced capabilities including liquidity provisioning, innovative trading strategies and technologies, as well as the distribution, management and analysis of decentralized financial data. These elements are tailor-made to support DeFi Technologies’ Solana-centric trading desk, which operates in partnership with Valor Inc. This strategic move will enhance the company’s capabilities by providing cutting-edge trading solutions and unique strategies designed specifically for Solana.
Stefan Jørgensen, the prominent Solana developer behind this IP, will join DeFi Technologies following the acquisition and lead the company’s expansion efforts in DeFi trading, development, and governance. Jørgensen brings a wealth of experience, having served as part of Bitcoin Suisse’s early engineering team, contributing to the development of highly secure digital asset custody and core banking systems for cryptocurrencies.
Solana, the blockchain platform at the center of this acquisition, is a critical component of Valor Inc.’s asset management strategy, driving the company’s assets under management (AUM) in excess of CAD 168.8 million. What sets Solana apart is its impressive performance, featuring fast and efficient transaction processing. The platform’s unique consensus mechanism, which combines Proof of History (PoH) and Proof of Stake (PoS), allows transactions to be processed quickly and cost-effectively. With a market capitalization of approximately $30.6 billion, Solana is currently the 6th largest cryptocurrency in the world, making it an attractive option for developers and users alike.
“This strategic acquisition of Solana-based intellectual property is a key milestone for DeFi Technologies and Valour and significantly enhances our capabilities in the decentralized finance landscape,” said Olivier Roussy Newton, CEO of DeFi Technologies. “Integrating these cutting-edge technologies positions Valor to deliver superior trading solutions and demonstrates our commitment to leveraging cutting-edge innovations for real benefit in Solana ecosystem offerings.”
Under the terms of the agreement, DeFi Technologies will issue a total of 7,297,090 common shares to Jørgensen, valued at $0.55 per share, in return for all acquired IP. The shares will be issued in five installments over two years, following Mr. Jørgensen’s ongoing participation in DeFi Technologies and its subsidiaries. No finder’s fee will be paid in connection with the acquisition and closing of the transaction is subject to approval by 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 rapidly growing world of decentralized finance on the Solana blockchain. Led by Stefan Jørgensen, DeFi Technologies is poised to drive innovation and deliver cutting-edge solutions to meet the growing demand for Solana-based DeFi products and services.
