Former Revolut staff launch Solvo, an app that simplifies crypto investing • TechCrunch

Meet Solvo, a brand new cell app that wishes to make it simpler to spend money on cryptocurrencies and cryptocurrency-related monetary merchandise. The 2 founders Ayelen Denovitzer and Shailendra Sason met whereas they had been working for Revolut, within the crypto staff extra particularly.

Earlier this yr, Solvo raised a $3.5 million seed spherical from Index Ventures with CoinFund and FJ Labs additionally taking part. Since then, the corporate has put collectively a small staff of 10 individuals and began engaged on its iOS app.

The primary thesis behind Solvo is that cryptocurrencies are nonetheless too complicated. If you wish to purchase crypto belongings, likelihood is you don’t know the place to start out as a result of there are millions of completely different tokens. Whereas you’ll have heard about DeFi (decentralized finance) and the flexibility to generate yield, accessing these merchandise is much more sophisticated.

When Solvo releases its app in October, customers will have the ability to purchase and promote tokens (clearly). However Solvo has picked 10 cryptocurrencies so that you just don’t get misplaced in an limitless record. You may also deposit and withdraw tokens from Solvo.

The startup can also be benefiting from staking or DeFi merchandise that generate yield by contributing to liquidity swimming pools. This fashion, Solvo clients earn pursuits after they transfer their crypto belongings to what the corporate calls ‘Vaults’. As an illustration, the startup plans to supply Solana and Cardano Vaults.

Hiding the complexity is an fascinating technique as Solvo can take a lower of earnings from Vaults. So long as clients nonetheless earn some pursuits, the product is working as anticipated.

Lastly, Solvo additionally enables you to spend money on Bundles. It enables you to spend money on a number of initiatives and tokens in a single transaction. Basically, it really works like these widespread tokenized baskets, such because the DeFi Pulse Index or the Metaverse Index.

“Investing with Solvo will probably be easy, straightforward and comprehensible – three phrases not related to crypto. Solvo is assembly a transparent want for traders at present, providing merchandise which can be centered on top quality belongings, that present various publicity and diminished danger in addition to a gorgeous yield. It’s for all of the traders who wish to use crypto to diversify their investments and need a simple approach to do this,” co-founder and CEO Ayelen Denovitzer stated in an announcement.

In some ways, Coinbase initially positioned itself as the simplest method to get began with crypto. However the firm has launched many various merchandise over time, together with derivatives and help for 225 cryptocurrencies. Let’s see if Solvo can fill that hole available in the market.