PsyOptions, an options trading platform based on the Solana network, has announced its acquisition of Tap Finance in a bid to add structured investment to its offering, the company announced Tuesday (February 1).
PsyOptions paid for Tap Finance using a combination of cash and tokens, although primary shareholder Tommy Johnson declined to reveal the value of the deal because that would “distract attention” from the news, according to a CoinDesk report.
After the acquisition, Tapp will rebrand itself as PsyFinance, although the company said in a blog post that the changes would be “cosmetic in nature.”
Tap Finance is a decentralized options store (DOV) that has been on the Solana mainnet since December 15, 2021, and was one of the first DOVs on the network.
Read more: PYMNTS Blockchain: What is Solana?
“Although only a month has passed, Tap Finance has already gained significant traction, securing millions in total value,” PsyOptions wrote on its blog. “We are very excited to join forces with the Tap Finance team and believe that our collective efforts will enable us to become one of the best DeFi structured product teams in the blockchain ecosystem.”
Solana has settled more than 50 billion transactions, including more than $11 billion in total locked-down value, and more than 5.7 million non-fungible tokens (NFTs) minted since its launch in 2020.
As PYMNTS noted earlier this year, Solana has been dubbed by investors as the leading “ethereum killer” — in other words, the network that will replace ethereum with a faster, cheaper, and better blockchain.
Alksh Shah, digital asset strategist at Bank of America, said Solana could become a “digital asset ecosystem visa.”
Shah cited Solana’s ability to “provide high throughput, low cost and ease of use, leading to the creation of a blockchain optimized for consumer use cases such as micropayments, [decentralized finance (DeFi)]And [nonfungible tokens (NFTs)]decentralized networks (Web3) and games.