Sovryn Raises $5.4M: A Step Closer to Building a Global Financial Ecosystem
Sovryn, Bitcoin DeFi platform announced that it had raised $5.4 million in the latest funding round
Sovryn, a Bitcoin-based DeFi protocol, announced on Wednesday, that it had secured $5.4m in its latest funding round, led by General Catalyst. The funds will be directed towards expanding Sovryn’s global financial operating system for providing individual self-sovereignty and financial autonomy to people around the world.
According to the press release shared with Cryptowisser, Sovryn said it would use the funds to expand its global financial operating system designed to provide individual self-sovereignty and financial autonomy to people around the world. Besides General Catalyst, the other investors who participated in the funding round include Collider Ventures, Bering Waters, Bollinger Investment Group, and Balaji Srinivasan.
Public Launch of Sovryn’s Zero Protocol
The funding round came ahead of the public launch of Sovryn’s Zero protocol, which is a highly innovative lending product. The team explained that Zero is a highly innovative lending product that will allow users to take out 0% interest loans using their bitcoin (BTC) holdings as collateral, with no repayment or maturity date against the loan. Users will decide when to pay them back if ever they want to repay.
Sovryn’S funding round that attracted traditional investors highlights the rapidly growing appetite from traditional investors to get involved in Bitcoin and decentralized finance (DeFi) despite the recent dramatic downturn of the crypto market. However, the funding demonstrates the confidence these investors have in Sovryn’s ability to grow the capabilities of Bitcoin beyond simply a store of value and to create tools for financial sovereignty.
Talking about the latest development, General Catalyst managing director Kyle Doherty said:
“We believe the team at Sovryn has the technical ability and community to build products that will actually fulfill the promise of DeFi by bringing it to the dominant network, Bitcoin. We are philosophically aligned with the goals of the Bitcoin and Sovryn networks to empower people, promote individual freedom, and achieve broader financial inclusion”.
Sovryn’s core contributor, Edan Yago, also commented that:
“Sovryn is a user-owned cooperative developing open-source code to enhance the freedom of individuals around the world. There is no corporation, foundation or non-profit behind Sovryn – so it’s remarkable that established funds, like GC, are changing the way they invest in order to support the Sovryn mission”.
Sovryn is a leading Bitcoin-native DeFi platform and is fully community-owned and governed. It’s built on Bitcoin, uses BTC as its primary trading currency, and delivers decentralized and autonomous finance at scale.
The funding round was voted for and approved through a community governance vote on the Sovryn platform in a proposal named ‘The Sovryn Improvement Proposal (SIP).’ The governance style adopted by Sovryn is referred to as Bitocracy within the protocols ecosystem and it is geared towards ensuring that no entity makes major decisions or changes on the system independently.
Doherty added that;
“Our intention is to help grow the Sovryn ecosystem, actively participate in Bitocracy, and become useful members of the Sovryn community. We think we have much to offer and are excited to get started. There is an incredible opportunity to pursue investments that enable and build upon Bitcoin and Satoshi’s original vision. Bitcoin is the longest-running cryptocurrency with the largest market cap, and with the appetite for DeFi on other blockchains, Sovryn is fulfilling that appetite on Bitcoin to provide people with financial control over their lives.”
In March 2021, investors including Anthony Pompliano, AscendEX, Gate.io, DeFi Technologies, Cadenza (a BitMEX-affiliated venture fund), Collider Ventures, Blockware Solutions, Monday Capital and Greenfield One participated in another Sovryn funding round.
About Sovryn:
Sovryn is a leading Bitcoin-based fully community-owned and governed DeFi platform. Being built on Bitcoin, the protocol uses BTC as its primary token. It was launched a little over a year ago.
Sovryn delivers decentralized and autonomous finance at scale to bridge the gap between Bitcoin and the rest of the smart contract world for individuals and projects who want to access finances without being at the mercy of governments and intermediaries.
Sovryn offers a selection of financial services including sport and margin trading, liquidity pools, and borrowing and lending. It has so far seen a total of $1,552,421,305 spot traded, $112,131,176 margin traded, and $322 million borrowed and lent on the platform.
The post Sovryn Raises $5.4M: A Step Closer to Building a Global Financial Ecosystem appeared first on Analytics Insight.
Sovryn, Bitcoin DeFi platform announced that it had raised $5.4 million in the latest funding round
Sovryn, a Bitcoin-based DeFi protocol, announced on Wednesday, that it had secured $5.4m in its latest funding round, led by General Catalyst. The funds will be directed towards expanding Sovryn’s global financial operating system for providing individual self-sovereignty and financial autonomy to people around the world.
According to the press release shared with Cryptowisser, Sovryn said it would use the funds to expand its global financial operating system designed to provide individual self-sovereignty and financial autonomy to people around the world. Besides General Catalyst, the other investors who participated in the funding round include Collider Ventures, Bering Waters, Bollinger Investment Group, and Balaji Srinivasan.
Public Launch of Sovryn’s Zero Protocol
The funding round came ahead of the public launch of Sovryn’s Zero protocol, which is a highly innovative lending product. The team explained that Zero is a highly innovative lending product that will allow users to take out 0% interest loans using their bitcoin (BTC) holdings as collateral, with no repayment or maturity date against the loan. Users will decide when to pay them back if ever they want to repay.
Sovryn’S funding round that attracted traditional investors highlights the rapidly growing appetite from traditional investors to get involved in Bitcoin and decentralized finance (DeFi) despite the recent dramatic downturn of the crypto market. However, the funding demonstrates the confidence these investors have in Sovryn’s ability to grow the capabilities of Bitcoin beyond simply a store of value and to create tools for financial sovereignty.
Talking about the latest development, General Catalyst managing director Kyle Doherty said:
“We believe the team at Sovryn has the technical ability and community to build products that will actually fulfill the promise of DeFi by bringing it to the dominant network, Bitcoin. We are philosophically aligned with the goals of the Bitcoin and Sovryn networks to empower people, promote individual freedom, and achieve broader financial inclusion”.
Sovryn’s core contributor, Edan Yago, also commented that:
“Sovryn is a user-owned cooperative developing open-source code to enhance the freedom of individuals around the world. There is no corporation, foundation or non-profit behind Sovryn – so it’s remarkable that established funds, like GC, are changing the way they invest in order to support the Sovryn mission”.
Sovryn is a leading Bitcoin-native DeFi platform and is fully community-owned and governed. It’s built on Bitcoin, uses BTC as its primary trading currency, and delivers decentralized and autonomous finance at scale.
The funding round was voted for and approved through a community governance vote on the Sovryn platform in a proposal named ‘The Sovryn Improvement Proposal (SIP).’ The governance style adopted by Sovryn is referred to as Bitocracy within the protocols ecosystem and it is geared towards ensuring that no entity makes major decisions or changes on the system independently.
Doherty added that;
“Our intention is to help grow the Sovryn ecosystem, actively participate in Bitocracy, and become useful members of the Sovryn community. We think we have much to offer and are excited to get started. There is an incredible opportunity to pursue investments that enable and build upon Bitcoin and Satoshi’s original vision. Bitcoin is the longest-running cryptocurrency with the largest market cap, and with the appetite for DeFi on other blockchains, Sovryn is fulfilling that appetite on Bitcoin to provide people with financial control over their lives.”
In March 2021, investors including Anthony Pompliano, AscendEX, Gate.io, DeFi Technologies, Cadenza (a BitMEX-affiliated venture fund), Collider Ventures, Blockware Solutions, Monday Capital and Greenfield One participated in another Sovryn funding round.
About Sovryn:
Sovryn is a leading Bitcoin-based fully community-owned and governed DeFi platform. Being built on Bitcoin, the protocol uses BTC as its primary token. It was launched a little over a year ago.
Sovryn delivers decentralized and autonomous finance at scale to bridge the gap between Bitcoin and the rest of the smart contract world for individuals and projects who want to access finances without being at the mercy of governments and intermediaries.
Sovryn offers a selection of financial services including sport and margin trading, liquidity pools, and borrowing and lending. It has so far seen a total of $1,552,421,305 spot traded, $112,131,176 margin traded, and $322 million borrowed and lent on the platform.
The post Sovryn Raises $5.4M: A Step Closer to Building a Global Financial Ecosystem appeared first on Analytics Insight.
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