Sovryn Raises $5.4M Led by General Catalyst, Launching Zero-Interest Lending
Sovryn has successfully secured $5.4 million via a funding round approved by a near-unanimous vote by its fully decentralized community. The round was led by General Catalyst and it comes ahead of the public launch of Sovryn’s Zero protocol, a Bitcoin-powered zero-interest lending solution.
Sovryn (SOV) Secures $5.4M for Ecosystem Expansion
Sovryn (SOV), a Bitcoin-native decentralized trading and lending platform designed to enable users to trade Bitcoin (BTC) in a permissionless, non-custodial, and censorship way, has successfully raised $5.4 million.
Per a press release shared with crypto.news, the funding round was led by General Catalyst, with participation from Collider Ventures, Bering Waters, Bollinger Investment Group, and Balaji Srinivasan.
The latest funding, which was approved by a near-unanimous vote by Sovryn’s fully decentralized community, will enable the project to further expand its global financial system designed to offer individual self-sovereignty and financial autonomy to people around the globe.
Kyle Doherty, General Catalyst managing director 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 Launching Zero-Interest Lending
While most crypto lending and borrowing platforms currently on the market slap interest rates on their products, Sovryn is set to completely disrupt the digital assets lending ecosystem with its interest-free lending solution powered by Zero protocol.
Sovryn says its Zero protocol solution is a highly innovative lending product that allows users to take out zero-interest loans using their BTC holdings as collateral, with no repayment or maturity date on the borrowed funds.
Sovryn’s Zero loans are completely interest-free and users decide when to pay them back, if ever. Interested users can now join the early access waitlist for the Zero protocol.
It’s no news that the ongoing crypto winter has wiped out over $2 trillion from the market cap of the crypto industry, with a good number of the heavy hitters in the blockchain space now totally bankrupt.
Sovryn says its latest investment round highlights the rapidly growing appetite from traditional investors to get involved in the DeFi and Bitcoin space. The funding further demonstrates the confidence investors have in their ability to grow the capabilities of Bitcoin simply beyond a store of value, and to bring to life tools for financial sovereignty.
Though the protocol is still very much in its infancy, the Bitcoin-native, community-owned, and governed DeFi platform has witnessed extremely rapid growth since it went live one year ago.
So far their spot trading volume stands at $1,552,421,305, while its margin trading volume stands at $112,131,176.
That’s not all, over $322 million has been borrowed and lent on the platform and the total number of individual wallets has grown to almost 50,000+.
With a security-first approach, Sovryn bridges the gap between Bitcoin and the rest of the smart-contracts ecosystem for individuals and entities interested in accessing financial products with zero censorship or intermediaries.
Doherty added:
“Our intention is to help grow the Sovryn ecosystem, actively participate in Bitocracy (Sovryn’s referendum-style governance), 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.”
