Meet Solvo, a brand new cellular app that desires to make it simpler to spend money on cryptocurrencies and cryptocurrency-related monetary merchandise. The 2 founders Ayelen Denovitzer and Shailendra Sason met whereas they have been working for Revolut, within the crypto staff extra particularly.
Earlier this yr, Solvo raised a $3.5 million seed spherical from Index Ventures with CoinFund and FJ Labs additionally taking part. Since then, the corporate has put collectively a small staff of 10 folks and began engaged on its iOS app.
The principle thesis behind Solvo is that cryptocurrencies are nonetheless too complicated. If you wish to purchase crypto property, chances are high you don’t know the place to start out as a result of there are literally thousands of completely different tokens. Whereas you will have heard about DeFi (decentralized finance) and the power to generate yield, accessing these merchandise is much more difficult.
When Solvo releases its app in October, customers will be capable to purchase and promote tokens (clearly). However Solvo has picked 10 cryptocurrencies so that you just don’t get misplaced in an countless listing. It’s also possible to deposit and withdraw tokens from Solvo.
The startup can be benefiting from staking or DeFi merchandise that generate yield by contributing to liquidity swimming pools. This manner, Solvo clients earn pursuits once they transfer their crypto property to what the corporate calls ‘Vaults’. As an example, the startup plans to supply Solana and Cardano Vaults.
Hiding the complexity is an attention-grabbing technique as Solvo can take a minimize of earnings from Vaults. So long as clients nonetheless earn some pursuits, the product is working as anticipated.
Lastly, Solvo additionally helps you to spend money on Bundles. It helps you to spend money on a number of initiatives and tokens in a single transaction. Basically, it really works like these in style tokenized baskets, such because the DeFi Pulse Index or the Metaverse Index.
“Investing with Solvo will probably be easy, simple and comprehensible – three phrases not related to crypto. Solvo is assembly a transparent want for traders at this time, providing merchandise which might be centered on top quality property, that present various publicity and diminished threat in addition to a pretty yield. It’s for all of the traders who need to use crypto to diversify their investments and wish a simple approach to try this,” co-founder and CEO Ayelen Denovitzer stated in an announcement.
In some ways, Coinbase initially positioned itself as the simplest approach to get began with crypto. However the firm has launched many alternative merchandise over time, together with derivatives and assist for 225 cryptocurrencies. Let’s see if Solvo can fill that hole available in the market.
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