Receive instant alerts when news about your stock breaks. Request your free 1-week trial to Street Insider Premium here.
London, United Kingdom, Oct. 09, 2022 (GLOBE NEWSWIRE) — Sovryn announced today that it has secured $5.4 million in its latest funding round, led by General Catalyst, to expand its global financial operating system designed to provide individual self-sovereignty. and financial autonomy to people around the world. Additional investors in the round included Collider Ventures, Bering Waters, Bollinger Investment Group and Balaji Srinivasan.
The surge comes before the public release of Sovryn’s Zero protocol. Zero is a highly innovative lending product that will allow users to borrow at 0% interest using their bitcoin as collateral, with no repayment or loan expiration date. Loans are interest-free in perpetuity and users decide when, if ever, to pay them back. The waiting list for Zero Early Access is now open.
The investment round highlights the growing appetite of traditional investors to get involved in the DeFi and Bitcoin space. Despite the recent dramatic drop in markets, the funding demonstrates the confidence these investors have in Sovryn’s ability to grow Bitcoin’s capabilities beyond a simple store of value and create tools for financial sovereignty.
General Catalyst Managing Director Kyle Doherty said: “We believe the Sovryn team has the technical ability and community to build products that will truly deliver on 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.”
The investment round is a game changer for both the traditional VC and the cryptocurrency market, as it not only bridges the gap between the world of tech finance and the highly innovative field of decentralized finance, but was also approved through a community government vote on the Sovryn platform. The Sovryn Improvement Proposal (SIP) for this funding round gave community members who invested in the protocol the opportunity to vote on whether to proceed. This referendum-style decentralized governance is known as bitocracy in the Sovryn ecosystem and ensures that no single entity can make major decisions or changes to the system.
The financing round also represents an investment of the typical order of opportunity for investment. In both traditional startups and the crypto industry, VCs are the first investors through the door and can only be accessed later by the general public. Here, venture capital investors are participating in an already bustling market with an established community of investors.
Sovryn’s main contributor, Edan Yago, says: “Sovryn is a user-owned cooperative that develops open source code to enhance the freedom of people around the world. There is no corporation, foundation or non-profit organization behind Sovryn, so it’s notable that established funds like GC are changing the way they invest to support Sovryn’s mission.”
Sovryn is a leading Bitcoin native DeFi platform and is fully owned and governed by the community. It is based on Bitcoin, uses BTC as its main trading currency, and offers decentralized and autonomous finance at scale. With a security-first approach, Sovryn bridges the gap between Bitcoin and the rest of the smart contract world for projects and individuals who want to access financial applications without being indebted to governments or financial intermediaries. The platform offers a wide variety of financial services, such as spot and margin trading, lending and lending, and liquidity provision through investment funds, all built on the foundation of bitcoin as the reserve currency of the future.
Sovryn is still in her infancy, steadily building with quiet confidence. However, since her official launch just over a year ago, she has seen extremely rapid growth:
- Total spot traded volume of $1,552,421,305
- Total volume traded on margin of $112,131,176
- $322MM+ has been borrowed and borrowed in total on the platform
- More than 214 million dollars in credit activity.
- The total number of individual wallets has grown to almost 50,000+
“Our intention is to help grow the Sovryn ecosystem, actively participate in the bitocracy, and become useful members of the Sovryn community. We believe we have a lot to offer and we are excited to get started,” said Doherty. “There is an incredible opportunity to pursue investments that enable and build on the original vision of Bitcoin and Satoshi. Bitcoin is the longest running cryptocurrency with the largest market cap, and with the appetite for DeFi on other blockchains, Sovryn is satisfying that appetite in Bitcoin to give people financial control over their lives.”
Previous investors in Sovryn include Anthony Pompliano, who led a syndicate of investors in an investment round in March 2021. Those investors include: AscendEX, Gate.io, DeFi Technologies, Cadenza (a BitMEX-affiliated hedge fund), Collider Ventures, Blockware Solutions, Lunes Capital and Greenfield Uno.
About General Catalyst
General Catalyst is a venture capital firm that invests in powerful, positive change that lasts—for our entrepreneurs, our investors, our people, and society. We support founders with a long-term vision who challenge the status quo, partnering with them from seed to growth and beyond to build companies that stand the test of time. With offices in San Francisco, Palo Alto, New York, London and Boston, the firm has helped support the growth of companies such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe and Warby Parker. For more: www.generalcatalyst.com.
Sovryn is a Bitcoin-native, decentralized trading and lending platform that enables users to exchange permissionless, non-custodial, and censorship-resistant bitcoins by ensuring that users have the keys to their bitcoins and have autonomous control over them.
The project officially launched in April 2021 and now has more than 70 top contributors around the world. His ambition is to help create a world where regulations set by jurisdictions based on geography are a thing of the past: to create a set of tools to empower people to be self-sufficient, no matter their location.
For more information visit: https://www.sovryn.app/
Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected. in the forward-looking statements.
Location: London, UK
Contact: Wayne Miller
Email: [email protected]
Press room: social networks.submitmypressrelease.com