Sovryn will use the funds raised to build its global financial ecosystem for individual sovereignty.
Sovryn, a Bitcoin-native decentralized trading and lending platform, announced via a press release on Wednesday, Oct. 12, that it has raised $5.4 million in its latest funding round.
According to the press release shared with Coinjournal, the funding round was led by General Catalyst. The firm would use proceeds from the funding round to expand its global financial operating system designed to provide individual sovereignty and financial autonomy to people around the world.
Collider Ventures, Bering Waters, Bollinger Investment Group and Balaji Srinivasan were among the other investors in the latest funding round.
Commenting on this funding round, General Catalyst Managing Director Kyle Doherty said:
“We believe that 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.”
Sovryn explained that the funding round comes before the public launch of his 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 early access to Zero is now open, Sovryn added.
Sovryn’s main collaborator Edan Yago added that;
“Sovryn is a user-owned cooperative that develops open source code to improve the freedom of people around the world. There is no corporation, foundation or non-profit organization behind Sovryn, so it is notable that established funds like GC are changing the way they invest to support Sovryn’s mission.”
This cryptocurrency news comes as the bear market continues to affect the prices of most coins and tokens. Sovryn added that raising the funds during the current bear market 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.
Doherty further said;
“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 are excited to get started. 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.”
Sovryn is a community owned and governed Bitcoin native DeFi platform. The DeFi platform is built on the Bitcoin blockchain and uses BTC as its primary trading currency, offering decentralized and autonomous finance at scale.