Step Finance makes it easier for users to access stocks of companies such as Nvidia and Tesla. The DeFi altcoin aims to be the first to bring tokenised trading of major stocks to the Solana ecosystem. The project has acquired early-stage startup Moose Capital for a Q1 2025 launch. With this move, it aims to facilitate its plans, including the required regulatory licences. Amid these developments, the STEP price jumped from $0.12 to $0.17.
Step Finance brings innovation to the Solana ecosystem!
DeFi altcoin Step Finance acquired Moose Capital, which specialises in tokenising traditional stocks. Thus, it aims to allow users to buy and sell shares of companies such as Nvidia, Tesla directly on the Solana Blockchain. Step Finance serves as a portfolio management tool and analysis centre for Solana users. The project also owns media company SolanaFloor and Solana Allstars, a global event programme operating in more than 50 cities.
Step Finance plans to rebrand the acquired Moose Capital as Remora Markets. In addition, the company has also acquired the startup’s team and regulatory licences. Remora Markets is preparing to launch in the first quarter of 2025. Step Finance co-founder George Harrap made the following statement:
Moose Capital benefits from licences in multiple jurisdictions, including Canada, UAE and more, and is currently expanding licensing to more jurisdictions for Q1. (…) Tokenised equities are an attractive investment for risk-averse traders looking to diversify their portfolios and overcome traditional barriers such as high fees, slow settlement times and limited geographic access to regional markets. No one else on Solana offers this, so we expect a high influx of investors to the platform because it is faster, cheaper and easier to trade tokenised stocks here than on other chains.
Altcoin market performance
As you follow on Kriptokoin.com, the market continues to show strength. Amid these developments, Step Finance’s native token STEP saw a strong increase during the day. STEP price rose from $0.12 to $0.17 during the day. However, the token later gave back some of its gains. At the time of writing, STEP was trading at $0.156, up more than 26% on a daily basis. Meanwhile, the token’s trading volume increased by a phenomenal 186%. This reflects the interest of investors and traders in the token.
Entry into the $14bn RWA market
Tokenize stocks allow users to own fractional shares in real-world stocks on the Blockchain. However, it has struggled to advance in the crypto space for various reasons. These challenges include regulatory uncertainty, custody and counterparty risks, and lack of institutional support. In addition, competition from traditional platforms such as Robinhood, which already offer fractional shares, is a barrier.
Harrap acknowledges that regulatory uncertainty and obtaining appropriate banking/broker connections have previously been significant obstacles. But he says the growing demand for RWA tokenisation has changed the outlook. Step Finance believes the acquisition could help it and the Solana ecosystem gain a significant share of the $14bn total real-world asset market, which includes private credit, US Treasuries and corporate bonds, currently dominated by Ethereum. According to data from RWA.xyz, Ethereum accounts for 76% of the total RWA value. Solana currently only has a 3% share.
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