Former Revolut employees are launching a new crypto investment app Solvo after raising $3.5 million in seed funding from Index Ventures and several other investors. The app aims to make it easier for investors who lack the technical knowledge to buy cryptocurrencies and cryptoelated products.
Solvo Secured $3.5M in a Seed Funding Round Led by Index Ventures
Ex Revolut employees Ayelen Denovitzer and Shailendra Sason are set to launch a new crypto investment app Solvo next month, which seeks to simplify crypto investing. The move comes a few months after the startup raised $3.5 million in a seed funding round led by Index Ventures, joined by CoinFund and FJ Labs.
The seed funding valued the company at $17.5 million. Since then, founders Sason and Denovitzer, who met while working together on crypto operations in the fintech company Revolut, built a small team of 10 people to continue developing its iOS app.
Based on the idea that cryptocurrencies are still very complex, the primary goal of Solvo is to make it easier for investors to purchase these assets. Investors who are new to crypto are often overwhelmed by the number of available crypto assets to buy while accessing some decentralized finance (DeFi) products is even more difficult.
“It’s very hard for people with a lack of technical knowledge to start using these products that are actually better than traditional banking. To be frank, the consumer solutions that are out there are very focused on buying and selling tokens and don’t focus on other aspects of crypto that are super valuable.”
– Ayelen Denovitzer, Co-Founder and CEO of Solvo
Solvo to List Only 10 Cryptocurrencies But Includes New Staking Features
To achieve its goal, Solvo will list only 10 cryptocurrencies on its app and include basic options such as depositing and withdrawing tokens. The idea here is to avoid listing countless cryptocurrencies and DeFi products, which only a handful of investors actually understand from a technical point of view.
Furthermore, Solvo also wants to take advantage “of staking or DeFi products that generate yield by contributing to liquidity pools,” according to TechCrunch. This would allow app users to yield additional profits when transferring their cryptocurrencies to what Solvo calls ‘Vaults’.
The Vault will allow investors to earn a yield of up to 8% on some coins such as Solana (SOL) and Cardano (ADA) through staking. Additionally, Solvo also has a feature called ‘Bundles’ which allows users to buy several coins related to DeFi, the metaverse, and gaming.
Solvo’s strategy is in part similar to Coinbase’s approach when the app first launched, promoting itself as the easiest way to buy crypto. However, since then, Coinbase has expanded into numerous markets and now lists as many as 225 cryptocurrencies. The San Francisco-based company was rated the best crypto exchange by Kaiko earlier this year.
This article originally appeared on The Tokenist
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