A collective of seasoned professionals from the cryptocurrency sector, all with prior experience at Kraken, has taken a controlling interest in Janover Inc., signifying a major shift toward decentralized finance for the firm.
This team comprises Joseph Onorati, now serving as Chairman and CEO, alongside Parker White, who steps into the roles of Chief Investment Officer and Chief Operating Officer, as noted in a recent announcement.
Additionally, the refreshed leadership includes Marco Santori, the former Chief Legal Officer at Kraken, who will join the board along with Blake Janover, the company’s founder, and William Caragol, who will continue his role as Audit Committee Chair.
Solana reserve strategy
With the new executive team in place, Janover has embarked on a digital asset treasury initiative, commencing with Solana (SOL). The company intends to acquire and operate Solana validators, essential blockchain nodes that enhance network security and earn staking rewards.
This approach seeks to generate returns through the staking of SOL, with plans to reinvest those earnings into acquiring additional tokens and validator operations.
This evolution is in line with Janover’s shift from a conventional lending platform to a SaaS business model. The firm has also revealed plans for a rebranding as DeFi Development Corporation, accompanied by an impending change in ticker symbol.
Joseph Onorati, the CEO, emphasized the significance of the company’s venture into DeFi as a pivotal step in connecting traditional finance with decentralized systems. “We take pride in being the first to roll out a digital asset treasury strategy in the US public markets, initially focusing on Solana,” he stated.
Parker White brings valuable technical know-how as a current Solana validator operator managing a delegated stake of $75 million, while Onorati has experience in crypto trading and exchange operations, as per the company statement.
The existing leadership, including founder Blake Janover and CFO Bruce Rosenbloom, will continue to play important roles in supporting the company’s operations throughout this transition.