DeFi Development boosts its reserves of Solana tokens

CoinDesk reports that DeFi Development Corp, formerly known as Janover, has increased its asset reserve by another $9.9 million in SOL tokens. This brings its total cryptocurrency holdings to more than 317,000 SOL tokens. In US dollars, this amounts to about 48 million.

The purchase made via the BitGo OTC desk included a tranche of locked SOLs. These coins are usually linked to vesting or bankruptcy proceedings and cannot be moved on the blockchain yet. However, they are cheaper compared to regular ones.

According to DeFi Development CEO Joseph Onorati, using these particular tokens will allow the company to accumulate the asset at a below-market price and deepen its involvement in the Solana ecosystem.

Janover, which was renamed DeFi Development just a few days ago, started out as a real estate data and software provider. However, it has now started positioning itself as an organization offering investors direct access to the Solana ecosystem through its balance sheet. The transformation came after a number of former managers of the Kraken cryptocurrency exchange, including Onorati, acquired a controlling stake in Janover in April.