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Jupiter Exchange launches Giant Unified Market initiative

source-logo  crypto.news 21 May 2024 20:56, UTC

Jupiter Exchange launched the Giant Unified Market (GUM) initiative to combine different types of investments into one market on the Solana blockchain.

The GUM Alliance aims to bring together investments like meme coins, real-world assets, stocks, and forex into a single market, making trading between them easier and more direct.

The alliance, comprised of leading teams in asset handling, liquidity, and distribution, plans to add more types of investments to Solana (SOL), ensuring the markets have enough cash flow to operate smoothly and integrating the markets into Jupiter’s platform to encourage adoption.

Gabe Otte from DinariGlobal is excited to offer shares that match U.S. stocks like AAPL and COIN one-to-one on Solana, making it easier for more people to invest in these stocks.

Nathaniel Sokoll-Ward, Co-Founder at Villcaso, discussed how the initiative will bring global financial markets together and highlighted the importance of making U.S. real estate investments accessible to everyone worldwide through its platform.

Jeremy Ng at OpenEden Labs emphasized their commitment to bringing assets onto the blockchain, noting their advanced technology and a focus on regulatory compliance as crucial for their participation.

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Tim Wu, Head of DeFi at Wintermute, related the GUM initiative to their aim of creating open, clear, and effective markets. He stressed that having enough cash flow is essential for maintaining healthy markets.

Eug Ng from DWFLabs also supported the initiative, stating that having enough cash flow is critical for the future trading of assets on the blockchain.

Austin Federa, Head of Strategy at the Solana Foundation, discussed how blockchain can greatly improve market competition and establish price levels, especially for non-digital assets.

Joe McCann from Asymmetric highlighted the need for fairer trading environments, especially after the issues seen during the GME stock event, advocating for GUM to allow everyone a fair chance to participate in the markets.

The alliance is brought together when the idea of an Ethereum ETF is gaining attention, especially after the U.S. SEC approved Bitcoin ETFs in January. Approval of an Ethereum ETF could pave the way for other blockchain-based ETFs, including one for Solana (SOL), making them more appealing and accessible to investors.

Read more: ETH ecosystem coins pump among possible Ethereum ETF approval