Meet Solvo, a new mobile app that aims to make investing in cryptocurrencies and cryptocurrency-related financial products easier. The two founders Ayelen Denovitzer and Shailendra Sason met while working for Revolut, more specifically in the crypto team.
Earlier this year, Solvo raised a $3.5 million starting round from Index Ventures, which also included CoinFund and FJ Labs. Since then, the company has assembled a small team of 10 people and worked on the iOS app.
The main proposition 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 as there are thousands of different tokens. While you may have heard about DeFi (decentralized financing) and the ability to monetize, accessing those products is even more complicated.
When Solvo releases its app in October, users will (obviously) be able to buy and sell tokens. But Solvo has picked 10 cryptocurrencies so that you don’t get lost in an endless list. You can also deposit and withdraw tokens with Solvo.
The startup also benefits from staking or DeFi products that generate returns by contributing to liquidity pools. In this way, Solvo customers earn 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 get some of its revenue from Vaults. As long as customers still earn some interests, the product works as expected.
Finally, you can also invest in Bundles with Solvo. It allows you to invest in multiple projects and tokens in one transaction. Essentially, it works like those popular tokenized baskets, like the DeFi Pulse Index or the Metaverse Index.
“Investing with Solvo will be simple, easy and understandable – three words not associated with crypto. Solvo is meeting a clear investor need today by offering products that focus on high-quality assets, offering diversified exposure and less risk, as well as attractive returns. It is for all investors who want to use crypto to diversify their investments and want an easy way to do that,” co-founder and CEO Ayelen Denovitzer said in a statement.
In many ways, Coinbase originally positioned itself as the easiest way to get started with crypto. 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 that gap in the market.