Sovryn will use the funds raised to build its global financial ecosystem for individual sovereignty.
Sovryn, a Bitcoin-native, decentralised trading and lending platform, announced via a press release on Wednesday, October 12th, 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 the proceeds from the funding round to expand its global financial operating system designed to provide individual self-sovereignty and financial autonomy to people around the world.
Collider Ventures, Bering Waters, Bollinger Investment Group, and Balaji Srinivasan, were some of the other investors in the latest funding round.
While commenting on this funding round, 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 explained that the funding round comes ahead of the public launch of its Zero protocol. Zero is a highly innovative lending product that will allow users to take out 0% interest loans using their bitcoin as collateral, with no repayment or maturity date against the loan. The loans are interest-free in perpetuity, and users decide when to pay them back, if ever. The waitlist for early access to Zero is now open, Sovryn added.
Sovryn’s core contributor, Edan Yago, added 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”.
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 the capabilities of Bitcoin beyond simply a store of value and to create tools for financial sovereignty.
Doherty further said;
“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.”
Sovryn is a Bitcoin-native DeFi platform that is owned and governed by the community. The DeFi platform is built on the Bitcoin blockchain and uses BTC as its primary trading currency, and delivers decentralised and autonomous finance at scale.