The latest funding round is set to supercharge the progress and adoption of Zero, Sovryn's lending protocol for 0% loans with Bitcoin (BTC) as a collateral.
Sovryn raises $5.4 million by top-tier VCs
According to the official announcement shared by the Sovryn team, its latest strategic funding round has been completed successfully. A total of $5,400,000 was secured from a clutch of reputable Web3 investors.
Prominent VC heavyweight General Catalyst led the round, while Collider Ventures, Bering Waters and Bollinger Investment Group also backed Sovryn in its fundraising efforts.
Besides that, the round was supported by leading angel investors, including former Coinbase CTO Balaji Srinivasan.
General Catalyst managing director Kyle Doherty is impressed by both the mission of the Sovryn protocol and the progress its team has already accomplished:
We believe the team at Sovryn has the technical ability and community to build products that will actually fulfil 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.
As per the estimations of Sovryn's team, the success of this round highlights the increased optimism of investors in Bitcoin-based DeFi protocols.
Sovryn's Zero inches closer to release, waitlist is open
Sovryn core contributor Edan Yago is sure that the new funding will speed up the progress of Sovryn and its latest development. Zero protocol:
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.
Zero, a Bitcoin-based DeFi protocol with 0% interest, is designed to allow BTC holders to collateralize their dormant assets in order to get a loan.
As covered by U.Today previously, Sovryn protocol launched in April 2021 to push the barriers of Bitcoin (BTC) network utilization in the DeFi revolution.
Prior to mainnet launch, it raised over $10 million from Anthony Pompliano, AscendEX, Gate.io, DeFi Technologies, Cadenza and other prominent VCs.