Jupiter Expands Its Horizons with DRiP Haus Acquisition
Although non-fungible tokens (NFTs) have seen a decline from their peak popularity, Jupiter remains undeterred by the skepticism surrounding the NFT market. The prominent decentralized finance (DeFi) exchange on Solana has recently acquired the digital collectibles platform, DRiP Haus, marking a significant step towards becoming what co-founder Kash Dhanda describes as the “Solana super app.” This ambitious vision aims to create a comprehensive platform not just for trading financial instruments like swaps and perpetual contracts, but also for nurturing a vibrant digital culture.
Dhanda confidently refutes the claims of NFT detractors, stating, “We don’t believe it. We think NFTs are here for the long term.” DRiP Haus, which evolved from the now-defunct Solana store, has successfully navigated the turbulent waters of the NFT market downturn. Rather than simply facilitating trading, DRiP focuses on the dissemination of digital collectibles. According to Dhanda, startups across the Solana ecosystem rely on DRiP to launch and distribute their visual campaigns, positioning the platform as a leader in creating quality NFTs that “aren’t spam.”
While both Dhanda and DRiP Labs founder Vibhu Norby chose not to disclose the financial terms of the acquisition, a source familiar with the negotiations suggested that the all-cash deal was valued at approximately twice the funds the startup had previously raised, which totaled $11.5 million from various venture investors. This acquisition was hinted at by Jupiter co-founder Meow in late February during discussions regarding a multi-million dollar token payday that he sought to defer. This strategy would yield additional JUP tokens for him later while simultaneously funding incentive programs for the newly acqui-hired teams.
As part of the transition, half of DRiP’s eight-person team will continue to enhance the distribution platform, while the other half will be dedicated to boosting Jupiter’s currently lacking NFT capabilities. A key initiative in this effort will involve integrating a swaps router directly into the DeFi exchange’s homepage, facilitating a more seamless user experience. Norby, who will oversee DRiP from a strategic executive position within Jupiter, confirmed that while the DRiP brand will maintain its distinct identity, its visual design will undergo revisions to better align with its new parent company. He is also focused on crafting a “really, really excellent NFT experience” within Jupiter’s mobile application, further solidifying the platform’s role in the evolving landscape of digital collectibles.
