Janover Inc. to Receive Kraken’s Staked Solana Tokens Under LOI
Kraken has entered a non-binding letter of intent to delegate its staked Solana tokens to Janover Inc., which is shifting focus from real estate to cryptocurrency. Key points include:
- Janover plans to rename itself DeFi Development Corporation and has acquired a majority stake in the company with support from Kraken.
- Janover raised $42 million through convertible bonds, including investment from Kraken.
- Details on the amount of Solana that Kraken will delegate remain unclear.
- Janover currently lacks validator operations but intends to establish them.
- As part of the deal, Kraken will receive additional stock in Janover.
- Janover recently purchased approximately $21 million in Solana as part of its treasury strategy.
- The company's stock (JNVR) has increased by over 1,700% since new ownership was announced.
- Janover's executives propose it as an alternative investment vehicle for Solana, suggesting it may outperform ETFs.
This move reflects Kraken's strong backing of its former employees' initiative in the Solana ecosystem.