Janover, a platform that connects the commercial real estate industry, announced last Monday, April 7, that it plans to accelerate its acquisition of digital assets after raising $42 million in an offer of convertible notes and warrants.
The mentioned company will begin the process of realizing its intentions with the acquisition of virtual assets in the Solana ecosystem through US public markets. The relevant information is contained in Janover’s press release, which was published on Monday.
The company also reported that majority ownership in the firm was acquired by a team of former leaders of the Kraken crypto platform, who aim to bridge the gap in liquidity between traditional finance and decentralized finance.
The press release contains information according to which two members of the group that acquired Janover have been appointed by the board of directors to roles at the company: former Kraken chief strategy officer Joseph Onorati is now chairman and chief executive officer of Janover, and former Kraken engineering director Parker White is now chief investment officer and chief operating officer. Former Kraken chief legal officer Marco Santoro will also join the board of Janover. Janover founder Blake Janover and director and Audit Committee chair William Caragol will remain on the board.
The board adopted a treasury policy. This means that the principal holding in the treasury reserve on the balance sheet will be allocated to digital assets, starting with Solana (SOL). Moreover, the company will consider acquiring Solana validators and acquiring and staking SOL through them. The relevant information is contained in the press release.
It was also noted in the press release that Janover will continue to operate its core business. In this case, it refers to a platform that provides consumers with subscriptions to data and software. Besides, in this case, value-add services are provided for multifamily and commercial property professionals. The company will also continue its transition to a software-as-a-service (SaaS) business model.
Moreover, the press release contains information that the firm intends to change its name to DeFi Development Corp.
Joseph Onorati said after building in the crypto industry for more than a decade, the company is at a tipping point in mass DeFi adoption. It was also noted that the firm is proud to be the first to introduce a digital asset treasury strategy in the US public markets initially focused on Solana.
Recently, there has been a tendency in which corporate treasurers are increasingly evaluating the role of cryptocurrencies in their financial ecosystem. Companies such as MicroStrategy, which conducts business as Strategy, and Block have added Bitcoin to their balance sheets. Other firms operating in various industries are currently exploring the potential of the mentioned cryptocurrency as an investment vehicle and as a traditional asset.
Last month, retail gaming destination GameStop reported that its board had voted unanimously to add Bitcoin as a reserve asset to the treasury.
As we have reported earlier, Crossmint Raises $23.6 Million.
