Nasdaq-Listed Firm Introduces South Korea’s First SOL Treasury

Nasdaq-listed DeFi Development Corp partners with Fragmetric Labs to launch South Korea’s first Solana treasury, boosting regional adoption.

DeFi Development Corp (DFDV), a Nasdaq-listed firm, has partnered with Solana-based liquid staking platform Fragmetric Labs to launch South Korea’s first Solana (SOL) treasury. This announcement comes as part of their strategy to expand their footprint in the digital asset treasury space, marking a significant move for the Solana ecosystem in South Korea. The partnership aims to acquire a publicly listed Korean company and establish a corporate Solana treasury.

A Strategic Partnership to Launch South Korea’s First SOL Treasury

DFDV and Fragmetric Labs will work together to establish South Korea’s first corporate Solana treasury. The announcement was made during the Solana Oriental event, part of the Korea Blockchain Week on September 22. According to sources close to the deal, the two firms are in talks to acquire a publicly listed Korean company to house the treasury.

DeFi Development Corp is already the second-largest holder of Solana in corporate treasuries. The company’s partnership with Fragmetric Labs seeks to further strengthen Solana’s presence in Asia. This move reflects a broader effort to expand the Solana ecosystem and increase corporate adoption of SOL in the region.

DeFi Development Corp’s Expanding Role in the Solana Ecosystem

DFDV has been active in building its Solana holdings, with recent moves including investments in other digital asset treasuries (DATs). The firm has also been working on its Treasury Accelerator, which aims to help fuel the growth of digital asset treasuries globally. As part of its ongoing expansion, DeFi Development Corp has invested $22.88 million in Flora Growth, a Nasdaq-listed cannabis firm, which will now rebrand as ZeroStack to focus on accumulating Solana.

DFDV’s total holdings now include 2,095,748 SOL, valued at nearly $500 million. The firm recently added 62,745 SOL to its portfolio. This ongoing accumulation of SOL aligns with DeFi Development Corp’s strategy to bolster Solana’s adoption and provide further liquidity for the blockchain.

SOL Price Declines While FRAG Token Gains

Despite the positive news surrounding Solana’s treasury launch, the price of SOL has seen a significant drop. It tumbled over 7%, reaching a low of $220 amid broader market declines. In contrast, Fragmetric Labs’ governance token, FRAG, saw an increase of over 2% during the same period. The rise in FRAG’s price is seen as a sign of growing interest in the project, with trading volume spiking by 161% in the last 24 hours.

Crypto analyst Kaleo, known for his predictions on Solana, has suggested that the total value of the Solana treasury could exceed $4.3 billion. He also indicated that SOL might see a breakout, forecasting a price rise to $1,000 in the near future, despite the current price struggles.

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