Author: BTCLFGTEAM

Sovryn will use the funds raised to build its global financial ecosystem for individual sovereignty. 

Sovryn, a Bitcoin-native, decentralised trading and lending platform, announced via a press release on Wednesday, October 12th, that it has raised $5.4 million in its latest funding round.

According to the press release shared with Coinjournal, the funding round was led by General Catalyst. The firm would 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. 

While commenting on this funding round, 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 fulfill 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”.  

Sovryn explained that the funding round comes ahead of the public launch of its 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, Sovryn added.

Sovryn’s core contributor, Edan Yago, added that;

“Sovryn 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 Sovryn – so it’s remarkable that established funds, like GC, are changing the way they invest in order to support the Sovryn mission”.

This cryptocurrency news comes as the bear market continues to affect the prices of most coins and tokens. Sovryn added that raising the funds during the current bear market 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.

Doherty further said;

“Our intention is to help grow the Sovryn ecosystem, actively participate in Bitocracy, and become useful members of the Sovryn community. We think we have much to offer and are excited to get started. There is an incredible opportunity to pursue investments that enable and build upon Bitcoin and Satoshi’s original vision. Bitcoin is the longest-running cryptocurrency with the largest market cap, and with the appetite for DeFi on other blockchains, Sovryn is fulfilling that appetite on Bitcoin to provide people with financial control over their lives.”  

Sovryn is a Bitcoin-native DeFi platform that is owned and governed by the community. The DeFi platform is built on the Bitcoin blockchain and uses BTC as its primary trading currency, and delivers decentralised and autonomous finance at scale. 

The new spot bitcoin ETP will list and trade on Nasdaq Dubai, 21Shares said in a press release.

21Shares, a leading provider of cryptocurrency exchange traded products (ETPs), has expanded its product range to the Middle East, the company said in a press release on Wednesday.

The ETP issuer’s entry into the fast-growing Middle East market comes with the launch of 21Shares Bitcoin ETP, the region’s first physically-backed Bitcoin ETP.

21Shares continues expansion

21Shares’s new spot BTC exchange traded product will trade on Nasdaq Dubai under the ticker ABTC and will have the same characteristics as the 21Shares Bitcoin ETP Europe, according to the announcement.

“Our expansion into the UAE is a major milestone in 21Shares’ international growth plans. Coming from the Middle East myself, the region is exceptionally important to me and, as a company, we are committed to providing regional investors with safe and secure access to cryptocurrency-backed products,” Hany Rashwan, CEO and co-founder of 21Shares said in a statement.

21Shares’ move into the Middle East comes a few weeks after parent company 21.co launched and raised $25 million at a $2 billion valuation to become the largest crypto unicorn in Switzerland.

“Cryptocurrencies are fast becoming the asset of the future for investors and wealth managers around the world, as global crypto adoption and investment levels continue to accelerate at pace – and the Middle East is a major accelerator of this growth,” said Sherif El-Haddad, the Head of Middle East for 21Shares.

As CoinJournal reported, EL-Haddad joined 21Shares in August as the crypto ETP issuer expanded its reach across Europe and the Middle East.

Over the past year, and despite the crypto winter, 21Shares has expanded its innovative products suite, with launches including the world’s first USD Yield ETP, crypto exchange traded funds (ETFs) in Australia and pioneered the  and the Bitcoin and Gold ETP on the SIX Swiss Exchange.

In June, 21Shares unveiled its Crypto Winter Suite, which as CoinJournal also reported, offered a product set tailored to help investors navigate the bear market.