Synchrony Raises $4.2M to Build Asset Management Protocol on Solana

0

Key Takeaways

  • Synchrony has closed a $4.2 million strategic funding round from Sanctor Capital, Wintermute Trading, and GBV Capital.
  • The project is building a marketplace to allow users to replicate trading strategies across the Solana ecosystem.
  • Through the Synchrony interface, users will adjust parameters for trade execution and leverage in-depth analytics.

Share this article

Synchrony, a copy trading and asset management protocol on Solana, has raised $4.2 million from investors Sanctor Capital, Wintermute Trading, and GBV Capital. When launched, the platform will enable users to replicate trading strategies from throughout the Solana ecosystem.

Solana-based Copy Trading Protocol Scores Investment

Synchrony, an on-chain copy trading and asset management protocol on Solana, has closed a $4.2 million strategic funding round led by Sanctor Capital, Wintermute Trading, and GBV Capital. According to a press release shared with Crypto Briefing, the Synchrony team will deploy the newly-raised capital toward platform development and marketing operations.

Synchrony is an on-chain copy trading and asset management protocol on Solana. Once launched, Synchrony will allow users to automatically replicate trading strategies using token indices for the Solana ecosystem. Using indices, users can define parameters for crypto trading strategies from across the Solana ecosystem.

According to Evgeny Gaevoy, founder & CEO at Wintermute Trading, Synchrony enables ecosystem participants to react swiftly to market changes. Gaevoy said:

“By making it simple for users at all levels to afford control over strategy implementation, Synchrony introduces a more dynamic way to interact with the decentralized stack built on Solana.”

Through the Synchrony interface, users will have the ability to customize parameters for trade execution. With Synchrony, users will also benefit from wallet data analytics and on-chain metrics to help with copy trading and investment strategies. 

According to Han Kao, founder of Sanctor Capital and lead investor in the project, such “insights will bring tremendous value” to the Solana ecosystem. Further speaking about this feature, Kao added:

“By unlocking this trove of data, Synchrony will provide a more holistic view of Solana dApps and DEX’s, which ultimately increases transparency while introducing new value for traders.”

With services ranging from copy trading to data analytics, the team plans to become the premier asset management platform on Solana—an ecosystem with over $12.4 billion in total value locked.

Disclosure: Some of the equity-holders in Sanctor Capital also hold equity in Crypto Briefing. Han Kao is the former CEO of Crypto Briefing.

Share this article

Credit: Source link

Leave A Reply

Your email address will not be published.