On April 23, Jupiter, a prominent Solana-based decentralized exchange aggregator, acquired Ultimate Wallet and its mobile team.
This approach is part of Jupiter’s effort to reach millions of customers via mobile platforms, with a beta launch scheduled for May aimed at providing high-speed on-chain trading experiences on Solana.
Ultimate Wallet users were informed about the acquisition and assured that their monies would be safe during the changeover. The existing app will be discontinued on May 22, 2024, and users will be able to restore their recovery phase beginning May 23 while preserving access to their cloud backups.
Jupiter intends to become the leading trading platform on Solana, with a weekly trade volume of more than $10 billion. The acquisition matches with Jupiter’s goal of growing its product offerings, which will soon include a native mobile wallet.
Jupiter’s new mobile project will include a mobile application that allows for fee-free trading of any token, increasing user ease and cost-effectiveness inside the Solana ecosystem.
Jupiter’s acquisition of Ultimate Wallet and its mobile team represents a strategic shift toward dominating Solana’s decentralized exchange environment and boosting its user base through new mobile initiatives.
The DEX, which presently accounts for 8% of Solana’s total value locked (TVL), is experiencing considerable growth, with the JUP token’s market capitalization reaching $12.5 billion. Solana’s SOL has likewise increased by 807% in the last year, making it the third-largest cryptocurrencycurrency, propelled by the memecoin frenzy.
Read also: Solana’s Jupiter DEX Unveils Native DAO with Staggering $137M Initial Capital
