Tech Firm Janover Acquires $4.6 Million Solana

On April 11, software firm Janover announced a purchase of $4.6 million worth of Solana (SOL). This marks its first move under its newly introduced digital asset treasury strategy, which involves staking. Janover Stakes its SOL Holdings As part of its new strategy, Janover plans to commence staking of its SOL holdings, which will generate more revenue for the tech firm. The company takes this laudable step only a week after its Board of Directors formally approves a new treasury policy. This lays the foundation for accumulating crypto assets over the long term. Moreover, the board preferred Solana as the first asset for this initiative. The company’s management highlighted how this step represents the first capital deployment from the $42 million financing round that it previously closed. Noteworthy, Janover’s decision comes when market conditions are favorable to investors. Most of these stakers are getting significant returns from their investments. According to Joseph Onorati, Janover’s CEO, the recent SOL purchase aligns with the company’s objective to become the most efficient and transparent platform for cryptocurrency accumulation in the public markets. Janover Plans to Operate Solana Validators Apart from staking the popular coin, Janover wants to operate a few Solana validators to improve its participation. Specifically, taking this step will allow the company to further participate in securing the Solana network while earning rewards that can be reinvested into the Janover treasury. In the company’s leadership opinion, this is a crucial move toward scaling its operations. More importantly, they are excited about the prospect that this will have no impact on Janover’s efficient capital deployment strategy. Solana Use Cases is on the Rise Again, this Janover move reflects Solana’s growing appeal, even among traditional financial institutions. Two weeks ago, top asset management firm BlackRock added its USD Institutional Digital Liquidity Fund (BUIDL) to the Solana network. This expansion connected Traditional Finance (TradFi) with blockchain and included Solana in its ecosystem. Before then, Swiss-based digital asset company Taurus expanded its digital asset custody and token services to the Solana blockchain . This enabled banks to issue, manage, and securely store digital assets on Solana. Similarly, PayPal and Venmo users can now buy, sell, and hold LINK and SOL in their accounts. The post Tech Firm Janover Acquires $4.6 Million Solana appeared first on TheCoinrise.com .

Source: The Coin Rise