Solana-based asset management protocol, Synchrony, has raised $4.2 million in a strategic funding drive. The funding was secured in two rounds of seed and private token sales. Sanctor Capital, Wintermute Trading, HashKey, Magnus Capital, and several others led the round.
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.”
With the additional funds, the firm will be able to expedite the development of its decentralized finance (DeFi) configurable indices. To achieve this, the firm will expand its team of developers. Additionally, some funds will help improve marketing efforts. The marketing is necessary to position Synchrony as the prime DeFi asset management on the Solana blockchain.
Synchrony Product and Design
Currently, the protocol offers two products – copy trading and composed indices. With copy trading, users can mirror and mimic the trading strategy of more experienced wallet holders. The composed indices, on the other hand, help users to gain exposure to different projects on the Solana blockchain. Available indices include the Raydium Liquidity Pool Index, Solana Ecosystem Index (SEI), (RAI), the Stable Coin Index (STX), and the Synchrony Composite Index.
The asset-management protocol is designed to grant access to a suite of tools. These tools use data analytics and indices to predetermine trade execution. From a single entry point, these users will also be able to interact with Solana’s ecosystem from a single point.
Speaking about the design, Han Kao founder of Sanctor Capital noted: “Detailed insights and analytics will bring tremendous value to the Solana ecosystem and its most active participants.”
Kao believes that with data analytics, Synchrony can help gain a better understanding of Solana dApps and DEX. Ultimately, this will increase transparency while introducing new value for traders. To this, Fraser says, “The use cases of Synchrony are predominantly for those looking for a means for passive capital appreciation, or hedging via indices.”
