An app to simplify crypto investing is to launch in October.
Solvo was created by Ayelen Denovitzer and Shailendra Sason, former members of the crypto team at FinTech giant Revolut, and has opened a waitlist.
The Lithuania-based startup allows users to access just 10 of the 21,000 available coins and the ability to deposit and withdraw tokens.
Its ‘Vaults’, a yield-generating product, are aimed at investors who want to take a long-term holding in high-quality coins such as Solana and Cardano.
The company says these are designed to generate annual returns of up to 8%, depending on the currency selected, with Solvo taking a cut.
Also offered are ‘Bundles’, which allow users to invest in a number of coins in one transaction. They might want to back DeFi or metaverse and gaming coins in one fell swoop, for example.
Solvo raised a $3.5 million seed round from Index Ventures with CoinFund and FJ Labs also participating.
“Investing with Solvo will be simple, easy and understandable – three words not associated with crypto,” said CEO Denovitzer.
“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.”
Julia Andre, partner at Index Ventures added: “We are delighted to support Solvo in their goal to bring high quality products, transparency and simplicity to crypto-investing.
“Having seen the team in action at Revolut, we are excited to see them bring a new way of thinking to crypto.”