In Brief:
- Synchrony Finance raised $4.2 million in a strategic funding round.
- Sanctor Capital led the funding round participated by Wintermute Trading, and GBV Capital, and various others.
- The Synchrony’s offers 2 products – copy trading and composed indices
Solana-based asset management protocol Synchrony Finance raised $4.2 million in a strategic funding round.
Sanctor Capital led the funding round. The funding also came from Wintermute Trading, GBV Capital, HashKey, Magnus Capital, 0xVentures, and many more.
According to the company, the funding will help bolster its efforts at creating and developing its DeFi configurable indices. Additionally, the funds will also help its initiatives at marketing. The marketing is needed to position its brands as leading contenders for DeFi asset management directly integrated with the Solana ecosystem.
According to Andrew Fraser, Cofounder of Synchrony Labs, “Synchrony is hyper-focused on fostering an inclusive community where people can learn, build and collaborate together.”
Users will now be able to interact with Solana’s ecosystem from a single point. Through a front-end marketplace, they will be able to access a suite of tools that leverage analytics and indices to define unique parameters for their trade execution.
Synchrony’s offers 2 products – copy trading and composed indices. The platform allows users to copy the trading strategies of different wallets. The composed indices help users to get exposure to various tokens in the Solana ecosystem. Currently, the protocol indices run with the Solana Ecosystem Index (SEI), Raydium Liquidity Pool Index, and the Stable Coin Index.
“By making it simple for users at all levels to afford control over strategy implementation, Synchrony introduces a more dynamic way to interact with decentralized stack built on Solana,” said Evgeny Gavoy, founder and CEO of Wintermute Trading.
