Crypto exchange Jupiter acquires blockchain explorer SolanaFM

Decentralized trading platform Jupiter is acquiring blockchain explorer SolanaFM in a bid to expand its capabilities using the exchange’s infrastructure.

Solana-based decentralized cryptocurrency exchange aggregator Jupiter has acquired Etherscan-backed blockchain explorer SolanaFM. In an X announcement on September 20, the blockchain explorer said it would focus on “expanding data and infrastructure capabilities on Jupiter by 10x,” adding that the platform will “continue to operate as usual.”

Launched in 2021, SolanaFM provides users with detailed insights into Solana’s network data, including transaction history, smart contracts, and token information. In 2022, the explorer raised $4.5 million in a seed funding round led by SBI Group’s Digital Asset Opportunity Fund. In December 2021, SolanaFM also secured investments in a funding round led by Etherscan and Coinhako.

In addition to the acquisition, Jupiter announced Jupiter Mobile, a free mobile app developed in partnership with MoonPay. While a launch date for the app has not been announced, it will support major payment methods such as Apple Pay, Google Pay, and credit cards, increasing accessibility for users. Following the news, Jupiter’s (JUP) token rose 11% to $0.87.

The acquisition and product launch come as Jupiter continues to grapple with security threats. In August, the exchange warned users about a malicious Chrome extension called “Bull Checker” targeting Solana users. Jupiter identified the extension after extensive investigations into user complaints, highlighting ongoing risks to the ecosystem even as Jupiter works to expand its services and market presence.