On April 23, Jupiter, a prominent decentralized exchange aggregator based on Solana, announced the acquisition of Ultimate Wallet and its skilled mobile team.
To create exceptional products, it’s essential to begin with the strongest foundation. We’re excited to announce that we have taken over @UltimateApp, a leading DeFi mobile application. By integrating their advanced technology and skilled team into Jupiter Mobile, we aim to significantly enhance its capabilities.
— Jupiter 🪐 (@JupiterExchange) April 23, 2024
Jupiter has a plan to bring in millions of new users via mobile platforms, starting with a beta release in May. Their goal is to provide swift on-chain trading on the Solana network, ensuring an optimal user experience.
Jupiter aspires to lead Solana’s trading marketplace, boasting a weekly trading volume exceeding $10 billion. This acquisition supports Jupiter’s objective to broaden its product range, with a native mobile wallet planned for release in the near future.
Users of Ultimate Wallet received notice of the upcoming acquisition and were reassured that their financial information would remain protected throughout the process. The existing app is set to be discontinued on May 22, 2024. Beginning May 23, users will have the ability to retrieve their recovery phrases while continuing access to their cloud backups.
With its latest mobile innovation, Jupiter now offers a no-cost app for trading any token directly on your mobile device, providing greater ease and affordability for Solana network users.
The Decentralized Exchange (DEX) on Solana, which now holds 8% of the platform’s total value locked, is experiencing substantial expansion. Notably, the market capitalization of JUP token stands at a impressive $12.5 billion. Over the past year, Solana’s native cryptocurrency SOL saw a staggering increase of 807%, making it the third largest digital currency in circulation, propelled by the memecoin trend.
By buying Ultimate Wallet and its mobile team, Jupiter is making a deliberate move to strengthen its position in Solana’s decentralized exchange market and attract new users through creative mobile projects.
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2024-04-24 08:04