Solvo is a new smartphone software that seeks to make it easier to invest in cryptocurrencies and related financial products. Ayelen Denovitzer and Shailendra Sason met while working on the crypto team at Revolut.
Solvo received a $3.5 million seed round earlier this year, anchored by Index Ventures, with participation from CoinFund and FJ Labs. Since then, the business has established a small team of ten people and began work on its iOS app.
Solvo’s main point is that cryptocurrencies are still overly confusing. If you want to buy crypto assets, you might not know where to start because there are hundreds of different tokens. Although you may have heard about DeFi (decentralized finance) and the ability to create yield, gaining access to these commodities is far more challenging.
When the Solvo app is released in October, users will be able to buy and sell tokens (obviously). However, Solvo has selected ten cryptocurrencies so that you don’t get lost in an endless list. Solvo also allows token deposits and withdrawals.
Furthermore, the company employs staking and DeFi products, which generate cash by contributing to liquidity pools. Customers get interest when they move their crypto assets to what the company refers to as “Vaults.” For instance, the business plans to provide Solana and Cardano Vaults.
Solvo’s ability to take a cut of Vaults’ income makes disguising complexity an appealing strategy. The product is working as planned as long as clients continue to earn interest.
You may also invest in Bundles with Solvo. It enables you to invest in several projects and tokens at the same time. It works in the same way as popular tokenized baskets like the DeFi Pulse Index and the Metaverse Index.
