Decentralized Trading Platform Jupiter Acquires SolanaFM to Enhance Infrastructure

Jupiter, a leading decentralized exchange aggregator on the Solana blockchain, has announced the acquisition of SolanaFM, a blockchain explorer backed by Etherscan. This strategic move aims to expand Jupiter’s capabilities by leveraging SolanaFM’s robust infrastructure. The announcement was made on September 20, with SolanaFM stating that it will focus on significantly enhancing data and infrastructure capabilities on Jupiter, while continuing its operations as usual.

About SolanaFM

Launched in 2021, SolanaFM offers detailed insights into Solana’s network data, including transaction history, smart contracts, and token information. In 2022, SolanaFM secured $4.5 million in a seed funding round led by SBI Group’s Digital Asset Opportunity Fund. Additionally, in December 2021, it gained investments from Etherscan and Coinhako.

Jupiter’s New Initiatives

Alongside this acquisition, Jupiter has announced the development of Jupiter Mobile, a fee-free mobile app created in partnership with MoonPay. Although the launch date for the app remains undisclosed, it will support major payment methods such as Apple Pay, Google Pay, and credit cards, making it more accessible for users. Following the announcement, the Jupiter token (JUP) saw an 11% increase, reaching $0.87.

Security Concerns

Despite these advancements, Jupiter is also addressing security concerns. In August, the exchange warned users about a malicious Chrome extension named “Bull Checker” that was targeting Solana users. After extensive investigations into user complaints, Jupiter identified the extension, highlighting the ongoing risks within the ecosystem even as it seeks to expand its services and market presence.

“We’re excited to announce that SolanaFM has been acquired by @JupiterExchange, @solana’s leading decentralized exchange.” – SolanaFM, September 20, 2024

Stay updated on the latest in cryptocurrency and finance by exploring more news on Global Crypto News.

Post Views: 0