Synchrony Finance, a Solana-based asset management protocol, has raised $4.2 million in strategic funding.
The funding was secured in two rounds — seed and private — and both were via Simple Agreement for Future Tokens (SAFT) sales, Synchrony co-founder Andrew Fraser told The Block.
Investors in the rounds included Sanctor Capital, Wintermute Trading, GBV Capital, HashKey, Magnus Capital, 0xVentures, and several others.
With fresh capital at hand, Hong Kong-based Synchrony plans to expand its team and spend on marketing efforts, said Fraser. Synchrony's current headcount is four, and it is looking to specifically expand its development team, he added.
Synchrony's core offerings are "copy-trading and composed indices." The platform enables users to copy the trading strategies of different wallets. As for indices, these help users to get exposure to various tokens in the Solana ecosystem. Some of its indices include Solana Ecosystem Index (SEI), Raydium Liquidity Pool Index (RAI), the Stable Coin Index (STX),and the Synchrony Composite Index.
"The use cases of Synchrony are predominantly for those looking for a means for passive capital appreciation, or hedging via indices," said Fraser.