Step Finance Acquires Moose Capital, Launches Remora Markets for Tokenized Stocks
Step Finance, a decentralized finance (DeFi) protocol focused on portfolio tracking and analytics, has acquired Moose Capital. This acquisition enhances its presence in the tokenized asset market on the Solana blockchain.
Moose Capital will be rebranded as Remora Markets, continuing as an online marketplace for Real-World Assets (RWAs). Users can access fractionalized traditional finance (TradFi) assets, including stocks from companies like Nvidia and Tesla, directly on-chain.
Remora Markets to Revolutionize RWA Access
The financial details of the acquisition are undisclosed. Step Finance confirmed it has integrated Moose Capital's team and regulatory licenses for a launch planned in Q1 2025. Remora Markets is registered in multiple jurisdictions, including Canada and the UAE, as a qualified marketplace for RWAs. The platform will initially be unavailable to users in the United States and Europe until it secures regulatory approval.
Remora Markets aims to lower barriers to entry associated with traditional assets, such as high brokerage fees and slow transaction processes. Harrap emphasized that tokenized stocks appeal to investors wishing to diversify their portfolios without the challenges of traditional markets. Remora Markets is positioned as the only RWA marketplace on the Solana blockchain, providing advantages in speed and cost for trading tokenized stocks.
The Front Page of Solana
Under the agreement, Remora Markets will direct 100% of its protocol revenue into Step Finance's $STEP buyback program, enhancing the value of the native token. This acquisition marks Step Finance's third since its 2021 launch, advancing its goal of becoming the "front page of Solana." Harrap noted this move complements the brand’s product offerings and aims to attract institutional players to Solana, recognized as an efficient blockchain network.
This strategic acquisition positions Step Finance to compete in the $13 billion RWA market, leveraging its reputation within the Solana ecosystem to capture a share of this growing sector.