Meet Solvo, a brand new cell app that wishes to make it simpler to put money into cryptocurrencies and cryptocurrency-related monetary merchandise. The 2 founders Ayelen Denovitzer and Shailendra Sason met whereas they had been working for Revolut, within the crypto group 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 group of 10 individuals and began engaged on its iOS app.
The primary thesis behind Solvo is that cryptocurrencies are nonetheless too complicated. If you wish to purchase crypto belongings, likelihood is you don’t know the place to start out as a result of there are literally thousands of totally different tokens. Whereas you could have heard about DeFi (decentralized finance) and the flexibility to generate yield, accessing these merchandise is much more sophisticated.
When Solvo releases its app in October, customers will be capable of purchase and promote tokens (clearly). However Solvo has picked 10 cryptocurrencies so that you simply don’t get misplaced in an limitless checklist. It’s also possible to deposit and withdraw tokens from Solvo.
The startup can be profiting from staking or DeFi merchandise that generate yield by contributing to liquidity swimming pools. This fashion, Solvo prospects earn pursuits once they transfer their crypto belongings to what the corporate calls ‘Vaults’. For example, the startup plans to supply Solana and Cardano Vaults.
Hiding the complexity is an attention-grabbing technique as Solvo can take a reduce of earnings from Vaults. So long as prospects nonetheless earn some pursuits, the product is working as anticipated.
Lastly, Solvo additionally permits you to put money into Bundles. It permits you to put money into a number of tasks and tokens in a single transaction. Primarily, it really works like these fashionable tokenized baskets, such because the DeFi Pulse Index or the Metaverse Index.
“Investing with Solvo shall be easy, simple and comprehensible – three phrases not related to crypto. Solvo is assembly a transparent want for buyers at the moment, providing merchandise which might be targeted on prime quality belongings, that present numerous publicity and decreased danger in addition to a gorgeous yield. It’s for all of the buyers who need to use crypto to diversify their investments and need a straightforward means to do this,” co-founder and CEO Ayelen Denovitzer stated in an announcement.
In some ways, Coinbase initially positioned itself as the simplest technique to get began with crypto. However the firm has launched many various merchandise over time, together with derivatives and assist for 225 cryptocurrencies. Let’s see if Solvo can fill that hole available in the market.