Solana (SOL) decentralized exchange (DEX) aggregator Jupiter has just acquired the decentralized finance (DeFi) wallet Ultimate Wallet amid plans to launch a zero-fee mobile trading platform in May.
In a series of posts on social media platform X, Jupiter says the acquisition is part of a strategy to get more people into crypto.
The plan is to leverage Ultimate’s technology and team to turbocharge Jupiter Mobile.
“When you want to build the best products, you need the best starting point. That’s why we’re thrilled to say that we have acquired Ultimate Wallet.
Jupiter Mobile is a key part of our strategy to accelerate the Meta by getting a critical mass of people to use crypto. We’re excited to have you and the wider Jupiter community give it a go, and drive the onboarding of millions of new users together.”
The development comes as Jupiter sits as the leading decentralized exchange on Solana with over $709,170,275 in 24-hour trading volume, representing 10% of the market share, according to data from crypto analysis firm CoinGecko.
In a separate statement, Ultimate says it is pulling the plug on its app following the acquisition. Users have until May 22nd to use the wallet.
“It is with a heavy heart that we also announce that in light of this new chapter, we will be sunsetting the Ultimate app in the coming months. We understand that change can be daunting, but we assure you that our team is dedicated to making this transition as smooth as possible.
Effective May 23rd 2024, you will only be able to retrieve your Ultimate Wallet recovery phrase. Your cloud backup will remain accessible.”
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