Quick take:
- The company plans to leverage Ultimate Wallet’s technology and team to “turbocharge” Jupiter Mobile.
- Jupiter is Solana’s leading DEX platform, clearing over $10 billion in volume per week.
- Ultimate said it will now proceed with a shutdown of the Ultimate App in the coming months.
Solana-based decentralised exchange (DEX) aggregator platform Jupiter has announced the acquisition of self-custody crypto wallet provider Ultimate Wallet. The acquisition is part of Jupiter’s strategy for expanding to mobile.
The company wants to use mobile platforms to onboard “tens of millions of users” to its platform. Jupiter is already, the biggest DEX platform on Solana, clearing over $10 billion in transaction volume per week.
The announcement comes just weeks ahead of Jupiter’s beta release slated for May.
Describing its vision for a mobile version of its DEX platform, Jupiter wrote on X, “Our main focus is a simplified user experience, similar to an automatic car. With Auto-Config, we reduce complexity, such as gas, slippage, or re-trying your transactions.”
The company believes its focus on Solana and Swapping allows it to provide “the best experience possible,” with zero fees.
The company describes Ultimate Wallet as one of the “best DeFi mobile apps,” adding that it will leverage the non-custodial wallet service provider’s technology and team to “turbocharge” Jupiter mobile.
“Jupiter Mobile is a key part of our strategy to accelerate the Meta by getting a critical mass of people to use crypto,” Jupiter wrote on X.
On the other hand, the Ultimate Wallet team expressed its excitement at the acquisition calling Jupiter one of “Solana’s most prolific teams of shippers.”
“Our values align perfectly, thus making Jupiter an excellent future home for Ultimate. Both of our products are laser-focused on providing the most amazing and fastest on-chain trading experience on Solana,” Ultimate wrote on X.
Ultimate Wallet will now sunset the Ultimate App on May 22, 2024, according to a post on X. Users will be able to use the wallet as normal up until then, the company said, also guaranteeing the security of their funds.
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