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Sovryn announced today that it has secured $5.4m in its latest funding round, led by General Catalyst, to expand its global financial operating system designed to provide individual self-sovereignty and financial autonomy to people around the world. The additional investors in the round were Collider Ventures, Bering Waters, Bollinger Investment Group, and Balaji Srinivasan.
The raise comes ahead of the public launch of Sovryn’s 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.
The investment round highlights the rapidly growing appetite from traditional investors to get involved in the DeFi and Bitcoin space. Despite the recent dramatic downturn in markets, the funding 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.
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 fulfil 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”.
The investment round is game-changing for both traditional VC and the cryptocurrency market, as it not only bridges the gap between the tech financing world and the highly innovative arena of decentralized finance but was also approved via a community governance vote on the Sovryn platform. The Sovryn Improvement Proposal (SIP) for this funding round gave community members invested in…
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