Sovryn is a Bitcoin-native, decentralized trading and lending platform that enables permissionless, non-custodial and censorship-resistant trading by ensuring users hold the keys to their bitcoin. The platform offers spot and margin trading, borrowing and lending, and liquidity provision across investment pools built on bitcoin as the reserve currency. Sovryn emphasizes individual self-sovereignty and financial autonomy and is led by CEO Edan Yago. The company said it will use the new funding to expand its global financial operating system. Operational metrics disclosed include $1,552,421,305 in total spot traded volume and $112,131,176 in total margin traded volume. Sovryn reports $322MM+ in total borrowed and lent volume, over $214M in lending activity, and almost 50,000 individual wallets. Sovryn is a Bitcoin-based DeFi protocol that aims to bring decentralized financial tools and sovereignty to the Bitcoin ecosystem. The project focuses on building transparent, incorruptible financial software managed by a global community of contributors rather than a single company. Sovryn’s leadership emphasizes decentralisation and security as core principles for Bitcoin trading. The protocol recently agreed a $9M investment from a consortium of partners to support its development and growth. The token SOV will begin trading first on the Sovryn platform before appearing on other exchanges. Project leaders expect strategic partners to help adopt and integrate software with the Sovryn protocol and extend DeFi benefits to traditional finance. Sovryn launched a lending and derivatives market on the RSK Bitcoin sidechain, positioning itself as a decentralized platform for trading and lending bitcoin. The project went live with $2.1 million in backing, a symbolic amount representing Bitcoin’s total supply. Greenfield One led the funding round, with contributions from Collider Ventures and Monday Capital. Sovryn deployed on RSK to leverage its smart contract layer and merge-mining security, which the team says lets it offer comparable or better functionality than centralized services. The project plans to launch a governance token modeled on Compound Finance’s approach, with an SOV token sale targeted for Q1 2020. Sovryn is the second DeFi platform on RSK following Money on Chain, and its launch is presented as part of a broader push to bring Ethereum-style DeFi products to Bitcoin via sidechains.

Total raised

$17M

Funding rounds

3

Latest round

Equity

Latest activity

Oct 2022