Former Revolut employees launch Solvo, an app that simplifies crypto investing • TechCrunch
Meet Solvo, a new mobile app that wants to make it easier to invest in cryptocurrencies and cryptocurrency-related financial products. The two founders Ayelen Denovitzer and Shailendra Sason met while working for Revolut, specifically in the crypto team.
Earlier this year, Solvo raised a $3.5 million seed round from Index Ventures with CoinFund and FJ Labs also participating. Since then, the company has put together 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. While you may have heard of DeFi (decentralized economy) and the ability to generate returns, 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 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 returns by contributing to liquidity pools. In this way, Solvo customers earn interest when they move 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 take a cut of the revenue from Vaults. As long as the customers are still making money some interests, the product works as expected.
Finally, Solvo also allows you to invest in packages. It allows you to invest in multiple projects and tokens in a single transaction. Essentially, it works like the popular tokenized curves, 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. Solvo meets a clear need for investors today, offering products that are focused on high-quality assets, which provide diversified exposure and reduced risk as well as a attractive returns It is for all investors who want to use crypto to diversify their investments and want an easy way to do so, 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.
