London, United Kingdom, 09.10.2022 / SubmitMyPR /
sovryn announced today that it has raised $5.4 million in its latest funding round, led by General Catalyst, to expand its global financial operating system, which is designed to provide individual self-sovereignty and financial autonomy to people around the world . The other investors in the round were Collider Ventures, Bering Waters, Bollinger Investment Group and Balaji Srinivasan.
The pay raise comes ahead of the public launch of Sovryn’s zero Protocol. Zero is a highly innovative lending product that allows users to take out 0% interest loans using their bitcoin as collateral, with no repayment or loan due date. The loans are interest-free in perpetuity and users choose when to repay them, if at all. The Zero early access queue is now open.
The investment round underscores the fast-growing appetite of traditional investors to get involved in the DeFi and Bitcoin space. Despite the recent dramatic downturn in markets, the funding demonstrates these investors’ confidence in Sovryn’s ability to expand Bitcoin’s capabilities beyond a simple store of value and create tools for financial sovereignty.
Kyle Doherty, Managing Director of General Catalyst, said: “We believe the Sovryn team has the technical skills and community to create products that actually deliver on the promise of DeFi by bringing it to the dominant Bitcoin network . We are philosophically aligned with the goals of the Bitcoin and Sovryn networks to empower people, advance individual freedom and achieve broader financial inclusion.”
The investment round is groundbreaking for both traditional VC and the cryptocurrency market as it not only bridges the gap between the world of technology finance and the highly innovative field of decentralized finance, but was also approved by a community governance vote on the Sovryn platform . The Sovryn Improvement Proposal (SIP) for this funding round gave community members investment in…
