Sovrin, A Bitcoinbased DeFi Protocol today announced that it has secured $5.4 million in its latest funding round led by General Catalyst. The funds will be directed to expand Sovrin’s global financial operating system to provide individual self-sovereignty and financial autonomy to people around the world.
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Besides General Catalyst, other investors participating in the funding round include Collider Ventures, Bering Waters, Bollinger Investment Group and Balaji Srinivasan.
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Sovrin’s Zero Protocol Public Launch
The funding round came ahead of the public launch Sovrin’s Zero ProtocolWhich is a highly innovative lending product.
Zero will allow users to take out loans at 0% interest using bitcoin (B T c) holdings as collateral. The loans will also have no repayment or maturity dates. Users will decide when to pay them back, if they ever want to.
The waiting list for access to Zero Protocol is already open.
Growing appetite for traditional investors to join DeFi
Sovrin’s funding round, which attracted traditional investors, highlights the rapidly growing appetite of traditional investors to get involved in bitcoin and Decentralized Finance (DeFi) Despite the recent dramatic decline of the crypto market. The funding round demonstrated the confidence that investors have in the crypto space in general.
According to Kyle Doherty, managing director of General Catalyst:
“We believe the team at Sovrin has the technical capability and community to create products that will truly deliver on the promise of DeFi by bringing the leading network, bitcoin, together. We are committed to empowering people, promoting personal freedom, and broader financial inclusion.” Bitcoin and the sovereign network are philosophically intertwined with the goals to achieve.”
The funding round was voted on and a proposal titled ‘The Sovereign Improvement Proposal (SIP)’ was approved through a community governance vote on the sovereign platform. The governance style adopted by Sovrin is referred to as bitocracy within the protocol ecosystem and is designed to ensure that no single entity makes major decisions or changes on the system independently.
In March 2021, investors including Anthony Pompliano, Ascendex, Get.IO, DeFi Technologies, Cadenza (a BitMEX-affiliated venture fund), Collider Ventures, Blockware Solutions, Monday Capital and Greenfield One participated in another sovereign funding round.
What is Sovrin?
Sovrin 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 about a year ago.
Sovrin provides decentralized and autonomous finance to bridge the gap between bitcoin and the rest of the smart contract world for individuals and projects that want to access finance without the mercy of governments and middlemen.
Sovereign offers a selection of financial services including sports and margin trading, liquidity pools, and lending and lending. It has done a total of $1,552,421,305 spot trades to date, $112,131,176 margin trades, and has borrowed and lent $322 million on the platform.
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