Meet Solvo, a new mobile app that aims to make investing in cryptocurrencies and cryptocurrency-related financial products easier. The two founders, Aylen Denovitzer and Shailendra Sasson, met while working for Revolut, in the crypto team.
Earlier this year, Solvo raised $3.5 million in seed funding in partnership with Index Ventures, CoinFund and FJ Labs. Since then, the company has assembled a small team of 10 people and started working on the iOS app.
The main theory behind Solvo is that cryptocurrencies are still very complex. If you want to buy crypto assets, you don’t know where to start because there are thousands of different tokens. While you may have heard of DeFi (decentralized finance) and generating products, getting those products is more complicated.
When Solvo releases the app in October, users will be able to buy and sell tokens (obviously). But Solvo has selected 10 crypto currencies so you don’t get lost in the endless list. You can deposit and withdraw tokens from Solvo.
The startup is using staking or diff products that generate revenue by contributing to liquidity pools. In this way, Solvo’s customers get interest when they move their crypto assets into what the company calls ‘Vaults’. For example, the startup plans to offer Solana and Cardano Vaults.
Hiding the complexity is an interesting strategy as Solvo can reduce revenue from Vault. As long as customers still get it some needs, the product is working as expected.
Finally, Solvo lets you invest in bundles. It allows you to invest in multiple projects and tokens in one transaction. Basically, it works like those popular tokenized baskets like DeFi Pulse Index or Metaverse Index.
“Investing with Solvo will be easy, simple and understandable – three words that are not related to crypto. Solvo is meeting a clear need for investors today, offering products focused on high-quality assets, reducing diversified exposure and risk, and offering an attractive product. To diversify their investments. It’s for all investors who want to use crypto and want an easy way,” co-founder and CEO Aylen Denovitzer said in a statement.
In many ways, Coinbase has positioned itself as the easiest way to get started with crypto in the first place. But the company has launched many different products over the years, including derivatives and support for 225 cryptocurrencies. Let’s see if Solvo can fill the gap in the market.
