Sovryn, the Bitcoin-based decentralised finance (DeFi) protocol, has agreed a $9m investment from a consortium of partners, vetted for their strategic contribution and led by Anthony Pompliano’s Pomp Investments, after its proposal was formally accepted by the Sovryn community.
Today will see 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 which were vetted and accepted include representation by leading exchanges such as Cadenza (a BitMEX affiliated venture fund) and AscendEX (BitMax) and Gate.io as well as blockchain miner Blockware Solutions.
Pomp Investments sees decentralisation and security as the most significant factors in the Bitcoin trading environment and that ultimately that’s what gives sovereignty to the individual users and holders. Their consortium’s investment perspective is that this trend will continue and the market will continue to place a premium on sovereignty and decentralisation, and reward those who can build infrastructure to kind of support and accelerate that ethos.
Anthony Pompliano said: “I’ve been impressed by the Sovryn project and the progress they’ve made in bringing DeFi to Bitcoin and ensuring the continued sovereignty of Bitcoin. We’re seeing increasing numbers of active, decentralised communities, like Sovryn making decisions about some investments rather than the traditional, centralised decision process. I’m delighted our proposal has been accepted and to be joining the Sovryn community.”
Sovryn Co-Founder Edan Yago commented: “The Sovryn community takes decentralization seriously, as the only defence against financial censorship. This is not a project invoking kabuki theatre decentralization, while having a single company behind the project. Sovryn is a public good, controlled by no one entity and managed by a growing, global community of contributors. It’s great to have Pomp and so many others join our mission to bring transparent, incorruptible financial tools to the world.”