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Jupiter Exchange acquires Coinhall and SolanaFM to expand DEX services
Jupiter Exchange acquires Coinhall and SolanaFM to expand DEX services
Jupiter Exchange
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Jupiter Exchange acquires Coinhall and SolanaFM to expand DEX services

2024-09-20 by Ndaman Olayinka 5 minutes read
Jupiter Exchange acquires Coinhall and SolanaFM to expand DEX services

Jupiter Exchange co-founder Siong Ong has announced the acquisition of Coinhall and SolanaFM in a keynote at the 2024 Solana Breakpoint conference in Singapore on Friday.

The company, the top perp decentralized exchange (DEX) on Solana and top DEX aggregator by volume, has strengthened its position in the Solana market with the strategic acquisitions. The specific terms of the two acquisition deals were not disclosed by the team.

In addition, Solana's Jupiter exchange revealed that Jupiter Mobile, which will facilitate the seamless integration of millions of users into the Solana ecosystem, is set to launch soon.

DEX aggregator Jupiter acquires SolanaFM

At the Solana Breakpoint event on Friday, Ong revealed that the DEX aggregator has acquired leading Solana data provider and blockchain explorer SolanaFM. This was also announced on Jupiter and SolanaFM social media platforms.

With over $300 billion in trading volume, Jupiter is the most active governance community and the largest decentralized trading platform on Solana. We'll concentrate on tenfolding Jupiter's data and infrastructure capabilities by collaborating with them, SolanFm said in an X post.

SolanaFM will play a key role in improving Jupiter's data infrastructure capabilities 10x through this partnership. Jupiter will be able to provide users with more comprehensive and precise data as a result of this acquisition, enhancing their ability to trade and make decisions in general. SolanaFM's indexer and explorer tools let users access and interact with Solana data. In 2022, the company raised $4.5 million from SBI Group.

The company expressed gratitude to users for the support all through the years and added that it will keep providing a human-readable explorer for users and will continue to operate as usual.

Jupiter Exchange acquires Coinhall

During the Breakpoint keynote address, Jupiter's Ong said the company is also acquiring Coinhall, the leading aggregator across Cosmos. According to Ong, Coinhall has more than 225,000 users spread over 23 chains. The onchain trading terminal, Coinhall, facilitates swaps between decentralized exchanges running on the Cosmos and Solana blockchains.

An important strategic move that places Jupiter as a link between the Solana and Cosmos chains is the acquisition of Coinhall, a leading aggregator throughout the Cosmos ecosystem. Gaining access to a greater array of decentralized applications and services—including its proficiency in pro-trading terminals, real-time infra, and cross-chain—Jupiter will be able to provide users from both ecosystems with a more seamless experience through the acquisition of Coinhall.

Jupiter Exchange announces five key product updates

During the event on Friday, Ong also revealed other important updates for Jupiter, which will launch in the upcoming weeks. These include the launch of Jupiter Mobile, a mobile app developed with MoonPay that users of Jupiter can access via Apple or Google Pay without incurring any platform fees.

The upcoming release of Ape.Pro, an update to its memecoin trading platform Ape, which will enable users to trade and mint memecoins on mobile devices using social logins, is one of the other updates.

Below is a summary of the five main updates, which will be released over the coming weeks:

  • Metropolis APIs: The aim of these APIs is to make it easy for users to integrate with all of Solana's liquidity and develop a sustainable business.
  • Jupiter RFQ: This gives market makers who mainly use platforms such as Binance an easy way to supply liquidity on Solana. RFQ will be launched next week with a beta user interface and gradually integrated into Jupiter Routing's main system.
  • Perps V2: Limit Orders, Gasless transactions, and an updated Doves oracle for dependability are all included in the launch of Perps V2. Gas-free, limit order-based perks trading will be dependable anytime you need it, combined with JLP liquidity of $600 million.
  • Jupiter Mobile: This will soon be available with no platform fees and a complete onramp for credit cards or Apple/Google Pay.
  • APE.PRO: This product launches with trading and mint combined with a robust trading suite that has social logins with a create-token experience and is mobile-friendly for users.

Jupiter’s native token (JUP) rises 7% amid the announcement of major acquisition deals

Meanwhile, as of the time of writing, Jupiter Token (JUP), which has a market valuation of $1.19 billion and a trading volume of $183.2 million, is generating headlines after rising by almost 7.8% in just 24 hours to reach $0.8595, according to CoinMarketCap.

Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.