cryptonews.com
Ultimate Wallet and its mobile team were acquired by Solana’s leading decentralized exchange (DEX) aggregator, Jupiter, on April 23.
This acquisition aligns with Jupiter’s goal of expanding its user base through mobile platforms. Jupiter is making a mobile push, with a beta slated for May.
Jupiter Announces Mobile Initiative with Ultimate Wallet Acquisition
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 @UltimateApp.
They're one of the best DeFi mobile apps, and we’re going to leverage their technology and team to turbocharge Jupiter Mobile. pic.twitter.com/MmYIkisST7
— Jupiter 🪐 (@JupiterExchange) April 23, 2024
In an announcement shared on X, Jupiter disclosed its plans for a mobile initiative to onboard millions of users, with a beta launch scheduled for May. Both platforms seek to deliver high-speed on-chain trading experiences on Solana.
Jupiter positions itself as the top trading platform on Solana with a weekly trading volume exceeding $10 billion. The acquisition signals a strategic move towards expanding its product offerings to include a native mobile wallet soon.
🚀 Big News: Jupiter acquires Ultimate Wallet and our mobile team! More info in the thread👇 pic.twitter.com/cZMGKlrNzJ
— Ultimate Wallet (@UltimateApp) April 23, 2024
Ultimate Wallet also confirmed the acquisition on X, expressing enthusiasm about joining forces with Jupiter.
Ultimate Wallet users were informed that the current app would be sunsetted on May 22, 2024. Until then, users can continue using the wallet as usual. The company assured users their funds would be secured during the transition period.
Starting May 23, 2024, users can only retrieve their recovery phase while maintaining access to their cloud backups.
Despite the anticipated changes, the team behind Ultimate is committed to ensuring a smooth transition for users. To assist with this transition, a tutorial has been prepared to guide users through exporting their wallets.
Jupiter Expands Offerings with Jupiter Mobile Initiative and Memecoin Craze Boosts Solana’s Growth
In addition, Jupiter is launching its new Jupiter Mobile initiative, with a beta version expected to be released in May. The new mobile application will allow users to trade any token without charging fees, providing a more convenient and economical trading experience for users in the Solana ecosystem.
Jupiter is currently one of the most popular decentralized applications on the Solana blockchain, with $381.49 million in total value locked (TVL), having grown 86% month over month. At the time of publication, the DEX accounts for approximately 8% of the Solana ecosystem’s total TVL. The JUP token currently has a fully diluted market cap of $12.5 billion.
With a gain of 807% in the past year, Solana’s SOL became the third largest cryptocurrency by market cap. The recent memecoin craze drove a massive part of that growth.