Sovryn, the Bitcoin-based decentralized financing protocol (DeFi), announced that it has agreed to a $ 9 million investment from a consortium of partners, vetted for their strategic contribution and led by Anthony Pompliano’s Pomp Investments after the proposal was formally accepted by the Sovryn community. .
Tuesday April 13 will be the first day of Sovryn (SOV) trading, exclusively on the Sovryn platform, before it becomes available on other exchanges.
Of the groups that applied to invest, those that were vetted and accepted include representation from leading exchanges such as Cadenza (a BitMEX-affiliated venture capital fund) and AscendEX (BitMax), and Gate.io, as well as blockchain miner Blockware Solutions .
These market players with their reputation and deep balances will influence the business aspects of the Sovryn project and will over time try to build software to adopt and integrate the Sovryn protocol. The secretive DeFi whale investor 0x_b1i is part of the consortium, as is the institutional market maker Consolidated Trading, which will help pass the benefits of DeFi on to the traditional financial world, among others.
Bitcoin is not only the most secure blockchain, it is also the most scalable as it is focused on fundamentals and extremely simple, designed to do one thing only: secure Bitcoin transactions. Sovryn expands Bitcoin’s functionality; it uses the same proof of work, is mined and secured by Bitcoin and the transactions that take place on the sovereign system are paid in Bitcoin fees to Bitcoin miners so it extends that security. The way the world of Bitcoin is scaling is by adding additional layers of technology to Bitcoin’s simple, straightforward blockchain. This contrasts with the Ethereum network where changes are made to the base layer, increasing complexity and costs.