In an expansion into Real World Assets (RWAs), Step Finance aims to be the first to bring tokenized trading of major stocks like Nvidia and Tesla to Solana with its latest acquisition.
ISTANBUL, TURKEY / ACCESSWIRE / December 12, 2024 / Step Finance, a hub for portfolio management, advanced analytics, developer APIs, and owner of media company SolanaFloor, has announced the acquisition of an early stage startup, Remora, specializing in tokenizing traditional stocks.
This move will give all Solana users the ability to buy and sell shares of companies like Nvidia, Tesla, and more directly on the blockchain.
"Tokenized stocks are an attractive investment for risk-averse traders who want to diversify their portfolios and bypass traditional barriers like high fees, slow settlement times, and limited geographic access to regional markets," says George Harrap, co-founder of Step Finance. "No one else offers this on Solana, so we anticipate a high influx of traders coming to the platform because it's faster, cheaper, and easier to trade tokenized stocks here than on any other chain."
This acquisition places Step Finance at the forefront of the $13 billion RWA market, which is experiencing explosive growth as demand for bridging traditional financial assets with decentralized finance (DeFi) surges.
By tokenizing stocks like Nvidia and Tesla, Step unlocks global access to traditional equities for the first time on Solana, allowing users from anywhere in the world to buy fractional shares.
In addition to acquiring the product, branded as Remora Markets, Step has also acquired the team and regulatory licenses needed for its Q1 2025 launch.
This is Step Finance's third acquisition since launching on Solana in March 2021, and their entry into the RWA space marks a key milestone in the company's mission to enhance DeFi, offering new liquidity sources in Solana's ecosystem, and more options for global traders to diversify their portfolios.
We've been building on Solana since 2021, so this acquisition is a natural fit into our suite of products," adds Harrap "this also unlocks all licensed institutional activity for us at Step, be it MSTR style listings, launching ETFs, and even more down the road.
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About Step Finance: Step Finance is a platform for Solana portfolio management and ecosystem tools. Step launched in 2021 as a dashboard to track balances, manage positions, access yield farms, and interact with various protocols across Solana. The protocol expanded its product suite to include advanced analytics for Solana SPL tokens and a developer API, and community-driven initiatives focused on onboarding new Solana users. Step also owns and operates SolanaFloor, a leading media publication, and Solana Allstars, a global events program active in over 50+ cities.
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SOURCE: Step Finance
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