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Binance Labs-Backed Solv Protocol on Its Fundraising Efforts: Details

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Fri, 01/28/2022 - 14:17
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Vladislav Sopov
Binance's VC arm confirmed investment in one of the most eccentric NFT-centric products
Binance Labs-Backed Solv Protocol on Its Fundraising Efforts: Details
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Solv Protocol pioneered the concept of the "Financial NFT," i.e., a tokenized voucher that is set to represent financial ownership and rights. Its unique offering is now supported by Binance Labs.

Solv Protocol raises funds from Binance Labs

According to the official announcement shared by Binance on its official website, its innovation incubation department, Binance Labs, has made strategic investment into early-stage start-up Solv Protocol.

Besides investing money in the next phases of Solv Protocol's development, Binance Labs will also collaborate with Solv Protocol to launch non-fungible tokens on Binance's NFT platform.

Also, Binance Labs portfolio of Web3 companies will be able to issue Financial NFTs on Solv Protocol's platform in order to seek additional funding.

Peter Huo, investment director at Binance Labs, emphasizes the pioneering character of what Solv Protocol is offering for VC investing and the DeFi segment as a whole:

As a decentralized marketplace for Financial NFT, Solv Protocol is pioneering its own area of NFT. We believe in the future synergies that Binance and Solv will have, especially Financial NFTs such as vouchers have huge room for growth given their proven prevalence in traditional finance. We look forward to working closely with the Solv team to explore innovations in DeFi.

Convertible Voucher will change the game in DAO crowdfunding

Mike Meng, co-founder of Solv Protocol, is certain that Vesting Vouchers offered by his team can address one of the most dangerous problems in DeFi, i.e., lack of flexible and inclusive instruments for retail investment:

The most pressing problems in the emerging field of DeFi is the absence of an efficient and flexible tool to express complicated financial contracts. Solv Protocol offsets the gap by bringing to the table financial NFTs and a marketplace designed specifically for creating and trading financial NFTs. With Binance Labs being our strategic investor, we are one step closer to building a better financial NFT ecosystem. I believe that all parties are going to benefit from taking a part in this innovative and fast-growing sector of the crypto world.

As covered by U.Today previously, Solv Protocol raised $4 million in a private sale. Fueled by these investments, its team introduced the Convertible Vouchers concept.

Related
Solv Protocol Introduces Convertible Vouchers, Changes the Game for DAOs

Solv Protocol promotes its vouchers as an accessible and user-friendly asset that can be used for fundraising for decentralized autonomous organizations.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)