Sovrin will use the funds raised to build its global financial ecosystem for individual sovereignty.
Sovrin, A BitcoinNative, the decentralized trading and lending platform, announced via a press release on Wednesday, October 12, that it has raised $5.4 million in its latest funding round.
According to a press release shared with CoinJournal, the funding round was led by General Catalyst. The firm will 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.
Commenting on this funding round, General Catalyst Managing Director Kyle Doherty said:
“We believe that the team at Sovrin has the technological 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 philosophically empowering people, promoting personal freedom and Bitcoin and Sovereign are aligned with the goal of the network to achieve broader financial inclusion.”
Sovrin explained that the funding round comes ahead of the public launch of its Zero Protocol. Xero is a highly innovative lending product that will allow users to take a 0% interest loan using their bitcoin as collateral, with no repayment or maturity date against the loan. Loans are interest-free forever, and users decide when to pay them back, if ever. Sovrin said the waiting list for early access to Zero is now open.
Sovrin’s main contributor, Aidan Yago, said that;
“Soverin 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 Sovrin – so it is noteworthy that GCs like Established funds are changing the way investments are made to support the sovereign mission.
This cryptocurrency news As the bear market continues to affect the prices of most coins and tokens. Sovrin said raising funds during the current bear market shows these investors have the potential to expand bitcoin’s potential beyond just a store of value and creating a tool for financial sovereignty.
Doherty continued;
“Our intention is to help grow the Sovrin ecosystem, actively participate in bitcoin and become useful members of the Sovrin community. We feel we have a lot to offer and we are looking forward to getting started. There is an incredible opportunity to advance the investments that enable and build on the core vision of Bitcoin and Satoshi. Bitcoin is the longest-standing cryptocurrency with the largest market cap, and with DeFi’s appetite on other blockchains Sovrin is satisfying that hunger on bitcoin to provide people with financial control over their lives.
Sovrin is a bitcoin-native DeFi platform owned and governed by the community. The DeFi platform is built on the bitcoin blockchain and uses BTC as its primary trading currency, and provides largely decentralized and autonomous finance.