A leading decentralized exchange aggregator on Solana, Jupiter, acquired Ultimate Wallet and its mobile team on April 23.
This move is part of Jupiter’s strategy to onboard millions of users through mobile platforms, with a beta launch planned for May aiming to deliver high-speed on-chain trading experiences on Solana.
Jupiter aims to become the top trading platform on Solana, boasting a weekly trading volume of over $10 billion. The acquisition aligns with Jupiter’s goal of expanding its product offerings, including a native mobile wallet, soon.
Ultimate Wallet users were informed of the acquisition and were assured that their funds would remain secure during the transition. The current app will be sunsetted on May 22, 2024, and users can retrieve their recovery phase starting May 23 while maintaining access to their cloud backups.
Jupiter’s new mobile initiative will introduce a mobile application allowing fee-free trading of any token, enhancing convenience and cost-effectiveness for users within the Solana ecosystem.
The DEX, currently accounting for 8% of Solana’s total value locked (TVL), shows significant growth, with the JUP token’s market cap at $12.5 billion. Solana’s SOL also surged 610% in the past year, becoming the third-largest cryptocurrency fueled by the memecoin craze.
Jupiter’s acquisition of Ultimate Wallet and its mobile team underscores a strategic move towards dominating Solana’s decentralized exchange landscape and expanding its user base through innovative mobile initiatives.
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