Token of Bitcoin-based protocol Sovryn (SOV) begins trading after $9M investment
Sovryn, the Bitcoin-based decentralized finance (DeFi) protocol, announced it has agreed to 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.
Tuesday, April 13th, 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.
These market players will bring their reputations and deep balance sheets to bear on the corporate aspects of the Sovryn project and will in time look to build software to adopt and integrate with the Sovryn protocol. Secretive DeFi whale investor 0x_b1i is part of the consortium, as is institutional markets maker Consolidated Trading, which will help pass the benefits of DeFi to the world of traditional finance, among others.
Bitcoin is not only the most secure blockchain, it is also the most scalable, because it is focused on fundamentals and is extremely simple, designed to do only one thing – to secure Bitcoin transactions. Sovryn extends the functionality of Bitcoin; it uses the same proof of work, is mined and secured by Bitcoin and the transactions that occur on the sovereign system are paid in Bitcoin fees to Bitcoin miners so it extends that security. The way that the Bitcoin world scales is by adding additional layers of technology to Bitcoin’s simple, basic blockchain. This contrasts with the Ethereum network where modifications are made to its base layer, which increases its complexity and its cost.