Solv Protocol Secures $4 mln In Funding to Introduce Vouchers to DeFi
Solv Protocol, an ecosystem for voucher trading, addresses bringing real-world utility to non-fungible token markets. Its team completed a multi-phase fundraising campaign.
$4 million raised by Solv Protocol with Blockchain Capital on board
Singapore-based team Solv Protocol concludes its multi-stage funding campaign with top-tier venture capitalists and angel investors backing the start-up in its fundraising efforts.
Iconic VCs Blockchain Capital, Sfermion and Gumi Cryptos Capital co-led the round while DeFi Alliance, TheLao, CMT Digital, CMSholdings, Apollo Capital, Shima Capital and SNZ Holding, with Spartan Group and Axia8 Ventures also participating in Solv Protocol's funding.
In total, the team secured $4,000,000. Earlier this year, in a preliminary funding campaign, Solv Protocol raised $1 million from Spartan Group, IOSG Ventures, Hashed and so on.
Solv Protocol co-founder Mike Meng is fascinated by the support for his product from the global corporate investor community:
Over the year since its inception, Solv has built a strong network of investors and partners across the world, whose support is essential to the future of vouchers. That's why we'll continue working to make DeFi 2.0 an era of vouchers.
First marketplace for financial ownership NFTs
Prominent investor Blockchain Capital GP Spencer Bogart stresses his excitement about the vision and progress accomplished by the Solv Protocol team:
The vast majority of financial contracts that exist today are highly bespoke which makes ERC-20 tokens an unsuitable standard to bring these contracts on-chain. By leveraging expressiveness of NFT metadata, the Solv teams work to build a reliable DeFi infrastructure and to, unlock the new territory of voucher finance.
Solv Protocol should be considered a decentralized marketplace for minting and trading non-fungible tokens (NFTs) associated with certificates of financial rights ownership.
Solv's NFTs represent an effective and resource-efficient way to store sophisticated financial designs—bonds, contracts and so on—on various blockchain platforms.
Since its launch in early 2020, Solv Protocol addresses this segment by minting vouchers.Source