Prominent crypto-focused firm DeFi Technologies Inc. has officially disclosed its strategic move to acquire intellectual property (IP) from renowned Solana developer Stefan Jørgensen.
Per the official statement, the acquisition marks a pivotal advancement in DeFi Technologies’ growth strategy, with a dedicated focus on bolstering its offerings within the Solana ecosystem.
The Acquired Solana IP
Notably, the acquired IP is a comprehensive suite featuring an array of refined functionalities. They include sophisticated liquidity provisioning, trading strategies, and technologies. Also, the intellectual property DeFi Technologies has secured includes provisions for distributing, managing, and analyzing DeFi market data.
Furthermore, the tech firm noted that IP functionalities were crafted to enhance the Solana-based trading desk jointly managed by its subsidiary Valour Inc.
Solana Developer to Join DeFi Tech
After finalizing the acquisition, Stefan Jørgensen, the developer of the Solana intellectual property, will join the DeFi Technologies group. In his new role, he will spearhead the firm’s expansion initiatives in DeFi Trading. It also includes development and governance endeavors.
Notably, Jørgensen brings a wealth of experience, having been an integral part of the inaugural engineering squad at Bitcoin Suisse from 2017 to 2021. During this period, he was crucial in crafting high-security crypto asset custody and a core banking system for virtual assets.
Moreover, Jørgensen actively created various smart contracts across diverse blockchains. His expertise extended to financial contracts, including those for trading and settling options on the Solana Blockchain.
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Per terms of the agreement, DeFi Technologies will grant Jørgensen a total of 7,297,090 common shares of the company. The payment shares, valued at $0.55 each, are in exchange for the entirety of the intellectual property.
According to the report, the shares payment will come in five tranches spread over two years. Notably, the issuance will be contingent upon Jørgensen’s sustained involvement with the firm and its subsidiaries.
Meanwhile, the report stated that “no finder fees will be paid in connection with the Acquisition.” It is worth mentioning that the completion of the acquisition is contingent upon the approval of the Cboe Canada Exchange.
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