Solv Protocol, a Singapore-based on-chain fund protocol, has raised $6 million in a funding round led by Laser Digital, a subsidiary of Japanese banking giant Nomura Securities. The capital will help the startup expand its team and continue working on the technological development of its platform.
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, said Olivier Deng, global chief operating officer for the wholesale digital office at Nomura.
Other investors in the round included UOB Venture Management, Mirana Ventures, Emirates Consortium, Matrix Partners, Apollo Capital, HashCIB, Geek Cartel, Bing Ventures, and Bytetrade Labs.
Solv offers decentralized liquidity infrastructure that allows organizations to raise money through the creation, usage, and sale of financial products. The Solv process begins with an onboarding process for crypto-native market makers, venture capitalists, and decentralized autonomous organizations (DAOs). Approved users can then create financial products that are wrapped in semi-fungible tokens (SFT). The SFT is distributed through the Solv platform or an underwriter in order to receive liquidity from interested buyers or investors. The user collects income and pays yields to the investors either over time or when the SFT is settled.
Since the launch of Solv V3 in the second quarter, the startup has grown to $29.16 million in total value locked, according to DeFi Llama data. Solv has also served over 25,000 users and facilitated over $100 million in trading volume since its launch.