Discover Solvo, a new mobile application that wants to facilitate investing in cryptocurrencies and financial products related to cryptocurrencies. The two founders Ayelen Denovitzer and Shailendra Sason met while working for Revolut, in the crypto team more precisely.
Earlier this year, Solvo raised a $3.5 million seed round from Index Ventures with participation from CoinFund and FJ Labs. The company has since assembled a small team of 10 people and started working on its iOS app.
The main thesis behind Solvo is that cryptocurrencies are still too complex. If you want to buy crypto assets, chances are you don’t know where to start because there are thousands of different tokens out there. While you may have heard of DeFi (decentralized finance) and the ability to generate yield, accessing these products is even more complicated.
When Solvo releases its app in October, users will be able to buy and sell tokens (obviously). But Solvo has selected 10 cryptocurrencies so that you don’t get lost in an endless list. You can also deposit and withdraw tokens from Solvo.
The startup also benefits from staking or DeFi products that generate yield by contributing to liquidity pools. This way, Solvo customers earn interest when they move their crypto assets to what the company calls “vaults.” For example, the startup plans to offer Solana and Cardano Vaults.
Hiding the complexity is an interesting strategy because Solvo can take some of the revenue from vaults. As long as customers still earn some interests, the product works as expected.
Finally, Solvo also allows you to invest in bundles. It allows you to invest in multiple projects and tokens in a single transaction. Essentially, it works like those popular token baskets, such as the DeFi Pulse Index or the Metaverse Index.
“Investing with Solvo will be simple, easy and understandable – three words not associated with crypto. reduced risk as well as an attractive return. This is for all investors who want to use crypto to diversify their investments and want an easy way to do so,” said co-founder and CEO Ayelen Denovitzer in a statement.
In many ways, Coinbase initially positioned itself as the easiest way to get started with crypto. But the company has released many different products over the years, including derivatives and support for 225 cryptocurrencies. Let’s see if Solvo can fill this gap in the market.