DeFi Development Corporation: Former Kraken Executives Acquire Janover Inc. and Transform Company
In a groundbreaking move, a group of former Kraken executives have acquired a controlling stake in Janover Inc., a prominent real estate data platform. This acquisition marks a significant transformation for the company, which is now rebranding as DeFi Development Corporation and shifting its focus to decentralized finance, starting with Solana.
The decision to pivot towards decentralized finance comes as Janover Inc. embraces a new treasury policy centered around digital assets. The company’s initial investment will be in Solana (SOL), with plans to acquire validators and stake SOL through them. The revenue generated from staking activities will be reinvested to bolster SOL reserves.
While Janover will continue to operate its core real estate data platform under a Software as a Service (SaaS) model, a name and ticker change is on the horizon to reflect its new direction in the realm of decentralized finance.
Leading this transformative journey are Joseph Onorati, who has been appointed Chairman and CEO, and Parker White, who joins as CIO and COO. Additionally, Marco Santori, former Chief Legal Officer at Kraken, will be joining the board of directors. Founder Blake Janover, audit committee chair William Caragol, and CFO Bruce Rosenbloom will maintain their positions within the company.
To support its blockchain-focused strategy, DeFi Development Corporation has successfully raised $42 million through a private sale of convertible notes and warrants. Notable investors in this raise include Pantera Capital, Kraken, Arrington Capital, and other prominent venture capital firms, as well as angel investors.
The convertible notes, issued at a nominal price of $0.00001 per share, carry an annual interest rate of 2.5% and mature in April 2030. Investors have the option to convert their notes earlier if Janover’s market cap reaches $100 million, with a minimum conversion price set at $4.81.
Furthermore, warrant holders have the opportunity to purchase common stock at specified prices. The funds raised from this endeavor will be utilized to acquire digital assets, with a primary focus on Solana.
Following the announcement of this strategic shift and successful fundraising, DeFi Development Corporation’s stock experienced a substantial surge of nearly 300% in pre-market trading. This surge indicates strong market support for the company’s new direction and underscores the exciting developments ahead for the company.
As the company continues to evolve under its new leadership and rebranded identity, DeFi Development Corporation is poised to make a significant impact in the world of decentralized finance and digital asset management. With a team of seasoned industry professionals at the helm, the future looks promising for this innovative company.