On-chain fund platform Solv Protocol has announced that it has secured $6 million in new funding.
The platform received investments from “a variety of institutions, including Laser Digital, a subsidiary of Japanese banking firm Nomura Securities, UOB Venture Management, Mirana Ventures, Emirates Consortium, Matrix Partners, Bing Ventures, Apollo Capital, HashCIB, Geek Cartel, and Bytetrade Labs.”
Solv V3, a diversified on-chain fund platform, “implements a comprehensive standard for on-chain fund issuance, trading, and clearing, addressing the problem of friction in matching funds with high-quality assets in the face of centralized trust crises, as well as the limited investment strategies in the DeFi market, providing diversified yields while ensuring transparency and security of funds.”
It offers investors “the benefits of professional asset management, while allowing fund managers to establish on-chain credibility and securely expand their business scope.”
Since its launch in Q2 of 2023, Solv V3 has “served over 25,000 users and facilitated more than $100 million in trading volume in just its first quarter.”
Ryan Chow, CEO of Solv Protocol, stated:
“New DeFi narratives, such as RWA and LSD, are driving speculation around the next iteration of DeFi summer. Solv V3 will focus on the RWA track, and is committed to introducing billions of dollars worth of income-generating assets for the industry through our fund platform, in preparation for the next phase of DeFi mass adoption.”
Nomura Securities’ Olivier Deng stated:
“Solv has built a trustless institutional DeFi platform integrating brokers, underwriters, market makers, and custodians to create the first fund infrastructure on the blockchain to bridge DeFi, CeFi, and TradFi liquidity.”
The Solv team consists of seasoned professionals “from diverse backgrounds, including former bankers, financial business experts from Goldman Sachs and J.P. Morgan, as well as former product managers from Binance and OKX.”
Solv’s core team members include authors of “the ERC-3525 standard, a pioneering framework that has inspired over 100 teams to develop products leveraging its design.”
Solv Protocol has previously “received multiple rounds of funding, with investors including Blockchain Capital, Binance Labs, Sfermion, Gumi Cryptos Capital, Spartan Group, IOSG Ventures, CMS Holdings, CMT Digital, Hashed, and others.”
