Step Finance Enters RWA Sector with Third Acquisition

Step Finance, an ecosystem hub for portfolio tracking tools, analytics, and data provision, is taking bold steps into Solana’s under-serviced RWA (Real World Assets) sector.

Originally launched in April 2021, Step Finance is one of Solana’s oldest and most trusted applications. Today, the ecosystem stalwart has announced its acquisition of Moose Capital, an early-stage RWA marketplace for tokenized stocks. Rebranding the acquired firm as Remora Markets, Step Finance absorbs Moose Capital’s existing talent and regulatory licenses.

What is Remora, Solana’s newest RWA marketplace and how will it drive value to $STEP?

Disclaimer: SolanaFloor is owned and operated by Step Finance

Step Finance Enables Tokenized Stock Trading on Solana

Remora Markets is a Solana-native RWA marketplace, enabling users to trade traditional stocks and assets like Nvidia (NVDA) and Tesla (TSLA) directly onchain. 

Democratizing access to fractionalized TradFi assets, Remora Markets eliminates the considerable barriers to entry associated with traditional assets, including high brokerage fees and slow processing times.

“Tokenized stocks are an attractive investment for risk-averse traders who want to diversify their portfolios and bypass traditional barriers like high fees, slow settlement times, and limited geographic access to regional markets. No one else offers this on Solana, so we anticipate a high influx of traders coming to the platform because it’s faster, cheaper, and easier to trade tokenized stocks here than on any other chain.” - George Harrap, Step Finance co-founder.

Leveraging its existing reputation within the ecosystem, Step Finance’s latest acquisition propels the protocol to the forefront of a $13B market. The RWA sector has enjoyed meteoric growth throughout 2024, as the industry continues to bridge the gap between TradFi and DeFi.

Step Finance’s foray into Solana’s RWA scene marks the protocol’s third acquisition in its quest to become ‘The Front Page of Solana’. Co-founder George Harrap contends the acquisition is a natural evolution of the brand’s product suite, and will help foster institutional activity on crypto’s most performant blockchain.

Remora Markets will divert 100% of protocol revenue to the $STEP buyback program, driving further sustainable value to Step Finance’s native token. 

“We’ve been building on Solana since 2021, so this acquisition is a natural fit into our suite of products. This also unlocks all licensed institutional activity for us at Step, be it MSTR style listings, launching ETFs, and even more down the road.” - George Harrap

The acquisition comes following a wealth of significant updates to Step Finance’s product suite in Q3. In September, Step Finance deployed its Data API, providing institutional players and Tier 1 crypto exchanges with extensive coverage of meaningful onchain data.

This landmark product was reinforced by the debut of Step Finance’s V3 beta portfolio tracking dashboard, which empowers users to track their net worth across multiple wallets simultaneously. 

Step Finance to Spearhead Solana RWA Growth

Despite Solana’s explosive DeFi adoption and trading volumes in 2024, the network’s RWA sector is still underdeveloped. 

According to Artemis data, RWA projects have dominated rival sectors in crypto markets throughout the year. But despite over $13B worth of RWA being stored onchain, Solana constitutes a mere 3.1% of RWA market share across the industry.

While Stellar and Polygon command higher market share, Solana boasts more RWA holders than both chains combined. This suggests network participants are eager for greater exposure to onchain RWA.

With greater regulatory clarity coming to the industry following Trump’s victory in the 2024 Presidential Election, Solana’s underdeveloped RWA sector is primed for growth. Remora Markets is expected to launch in Q1 2025, providing the ecosystem with a licensed marketplace for their RWA needs.

Disclaimer: SolanaFloor is owned and operated by Step Finance

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