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.”
Cryptocurrency shorts
Warner Music Group has partnered with non-fungible token marketplace OpenSea to provide a platform for artists to launch NFT collections and limited-edition projects on their own customizable and dedicated drop pages.
Spain telco Telefónica now allows purchases with Ccypto and has invested into local exchange Bit2Me.
California governor Gavin Newsom has signed a law that allows for individual records such as birth and marriage certificates to be issued on the blockchain.
DJ Seedphrase, an early Bitcoin investor and the pseudonym of Danny Maegaard, has sold a CryptoPunk to a buyer in Texas for 3,300 ETH – about $4.5m – after paying 150 ETH ($71,300) for it.
BlackRock, the world’s largest asset manager, has launched an exchange-traded fund providing its European customers with exposure to the blockchain industry. 75% of its holdings are miners and exchanges, with the other 25% companies that support the ecosystem.
Crypto prices
The overall market cap of the more than 21,100 coins is at $944 billion at the time of writing (7am UK), a 0.4% increase in the last 24 hours.
For round-ups of recent cryptocurrency news developments, click here.
For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.