NEW YORK, Oct. 29, 2024 /PRNewswire/ -- Blueprint Finance, core developer of the Concrete Network, announces the acquisition of Jet Protocol, a developer of Solana decentralized finance products. After the closing of the transaction, the combined company will operate under Blueprint Finance.

Blueprint Finance is a technology development company building a suite of decentralized finance products, starting with Concrete. Concrete is a network that powers on-chain debt and credit markets that protects borrowers with an institutional-grade liquidation protection mechanism while offering yield through automated quantitative strategies governed by smart contract logic.

Through the purchase of Jet Protocol, the company will expand onto Solana as well as Atlas, the blockchain for verifiable finance. Jet built a robust system that included variable rate and fixed rate money markets that Blueprint will build new features upon while continuing to develop unreleased products. This new protocol will bring novel mechanisms such as composable margin accounts, automated yield vaults, and staking markets.

Blueprint will establish a complementary full-stack suite of products across execution environments that will power the next generation of on-chain capital markets with Concrete, and assets acquired from Jet.

Nic Roberts-Huntley, Co-Founder & CEO of Blueprint Finance, said

"This acquisition represents a significant milestone in Blueprint's journey towards advancing on-chain capital markets. We are excited about the Solana decentralized finance ecosystem and to be launching a new money market protocol with a slate of innovative new features."

Blueprint's team is led by an experienced team of quantitative developers, protocol engineers, and public/private market investors from Coinbase, Point72, Morgan Stanley, Galaxy Digital, Caxton, Polkadot, Eco, Spectral, and more.

About Blueprint Finance

Blueprint Finance is a technology development company building a suite of decentralized finance products. The company is backed by Polychain Capital, Hashed, Tribe Capital, Portal Ventures, and SALT.

About Jet Protocol

Jet Protocol was founded in 2021 with a focus on advancing money markets in the Solana ecosystem. They were backed by Paradigm, Solana Ventures, Parafi, and Robot Ventures.

For more information, please visit the following links

Concrete Protocol Website: https://www.concrete.xyz/

Concrete Protocol Twitter: https://twitter.com/ConcreteXYZ

Blueprint Finance Website: https://blueprintfinance.com/

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SOURCE Blueprint Finance