Former Revolut employees have secured $3.5 million in a round-headed by Index Ventures to launch a crypto investing app, as the European fintech giant’s alumni continue to establish crypto businesses.
The investment, which ended in January and valued the firm at $17.5 million, also included CoinFund and FJ Labs. Ayelen Denovitzer and Shailendra Sason, who met while working on Revolut’s crypto operations, have been hard at work developing Solvo, which attempts to simplify crypto investment tools.
The central argument of Solvo is that cryptocurrencies are currently very complicated. While users probably heard about DeFi and the opportunity to create income, obtaining such goods is much more difficult.
The co-founder and CEO Ayelen Denovitzer said in a statement:
“Investing with Solvo will be simple, easy and understandable – three words not associated with crypto. Solvo is meeting a clear need for investors today, offering products that are focused on high quality assets, that provide diverse exposure and reduced risk as well as an attractive yield. It is for all the investors who want to use crypto to diversify their investments and want an easy way to do that.”
Staking is one of these topics that Denovitzer feels has not yet received public attention. Solvo’s Vault offering offers customers the to earn up to 8% on cryptocurrencies like SOL and ADA by staking them. Users may invest in many tokens connected to decentralized finance, the metaverse, and gaming through its “Bundles” offering.
The waitlist for Solvo, which presently has 5000 individuals on it, launched earlier this week. Users will be able to purchase and sell tokens when Solvo’s app is released in October. However, Solvo has chosen ten cryptocurrencies so that consumers are not lost in an unending list. Solvo also allows users to deposit and withdraw tokens.
The revelation comes in the footsteps of previous startup fundraising from former Revolut workers in the Web3 sector. Alan Chang, former Revolut chief revenue officer, secured $78 million earlier this month for his Web3 energy business, Tesseract.
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