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Solvo Pivots: The Genesis of Qubit

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Recently, Solvo, a London-based crypto investment platform announced that it is pivoting to Web3 gaming. While pivots in the Web3 ecosystem are not a new thing, they definitely hold a lot of meaning. Take the Ethereum Merge or the creation of Solang by Solana. Solvo has also come with similar news.

https://twitter.com/qubitwallet/status/1678738712409014272?s=20

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So, what exactly is Solvo?

Founded in 2022 by Ayelen Denovitzer and Shailendra Sason, two former executives at Revolut, Solvo was initially created to make crypto investment easy and beginner-friendly. It has a bunch of key features which include but are not limited to:

  1. Bundles: To make things easy for newbie investors, the Solvo team curated crypto assets. Thus, all beginner investors would have to do is choose a bundle and start building their portfolio.
  2. Vaults: The Vaults feature makes it easy for investors to earn interest on their crypto holdings. Solvo also partners with reputable lending platforms to offer competitive interest rates. 
  3. Social trading: Solvo allows users to follow and copy the trades of other users. This is a great way to learn from more experienced investors.

The aforementioned key features ease the lives of people who are just starting out with their investment journeys.

And, what is Qubit?

Qubit is a new enterprise that is being made from scratch. Solvo is now officially called Qubit. It is aimed towards making Web3 extra accessible to pro and avid gamers.

Moreover, Qubit has already released its first product. It is called Qubit Pockets and it allows Web3 gamers to maintain self-custody of their digital belongings, and make in-game purchases along with playing video games.

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Solvo, as per the founders, was created to fill in the gap by bringing about a user-friendly and reliable trading platform. However, very soon, they realized that the new breed, the gamers, actually have it worse. They face more difficulties, technical constraints, and security risks. Thus, the founders came up with Qubit Pockets, which presents itself to be a user-friendly platform, that specifically caters to the needs of Web3 gamers. 

Picture taken from VentureBeat

As per Denovitzer, avid gamers want and are always on the lookout for simpler and friendlier pocket administration choices. The Web3 gaming market is to achieve $65 billion USD by 2027. Qubit has only filled in the vacuum by providing gamers the possession they deserve over their belongings.

Qubit is currently supported and backed by Index Ventures, CoinFund, FJLABS, and Blockchain Game Alliance (BGA). 

Okay, and how does Qubit help developers?

Qubit is essentially a wallet platform. And it is going to be of great service to Web3 game developers in general and gamers in specific. It is still in the initial phase. However, by August, it will have a web browser extension similar to the MetaMask wallet.

While Qubit has a different audience and user base, it will still be parallel to MetaMask. Moreover, if it becomes successful, it might open itself to a more diverse user base by adding and introducing new features, becoming a competitor to MetaMask. 

Qubit is also sort of a pioneer in user-friendly non-custodial gaming wallets and it has tapped into a huge market. Chances are that it may have more competitors. Thus developers can be on the lookout for more opportunities related to non-custodial Web3 gaming wallets in the future.

What do you think about Solvo pivoting? Let us know in the comments.