DeFi Technologies (NEO: DEFI, GR: RMJR, OTC: RDNAF) has invested alongside Pomp Investments (Anthony Pompliano’s investment fund) into SOVYRN, one of the first implementations of decentralized finance technologies specifically designed for the Bitcoin network.
This new model for financial services enables transactions between different parties to be processed through distributed ledger technology, or blockchain, rather than centralized through a traditional financial institution.
SOVYRN’s decentralized protocol extends the functionality of Bitcoin beyond permissionless, monetary sovereignty to include financial services such as trading, lending, liquidity insurance, and many other forms of trustless finance. In order for Bitcoin to reach its full potential, SOVYRN creates a decentralized financial operating system that, like Bitcoin, is borderless, censorship resistant, permissionless, and secured by the Bitcoin Network.
The SOVYRN protocol provides the infrastructure for a Bitcoin-native decentralized finance layer that is strongly integrated with Ethereum, Polkadot and other crypto-assets and chains. The protocol is already providing Bitcoin-class financial tools, with many more in development including:
- Trading, lending and leveraged environments for Bitcoin;
- EVMCompatible Smart Contracts;
- Everyday Payments; and
- Privacy
“SOVYRN is an ambitious project with the goal of bringing decentralized finance to the world’s premier decentralized monetary asset – Bitcoin. By partnering with Defi Technologies, we are taking an important step forward in achieving this goal. By leveraging their expertise and infrastructure we can bring financial sovereignty to an ever growing audience,” said Elan Nahari core contributor at SOVRYN.
“I’m excited to see DeFi Technologies investing in the SOVRYN round. As an advisor to both companies, it is apparent that both are leaders in their respective elements of the market. SOVYRN is building an unique decentralized approach on top of the bitcoin network and DeFi Technologies will be great partners for the SOVYRN team,” said Mr. Pompliano, founder of Pomp Investments and advisor to DeFi Technologies.
SOVYRN recently finalized a financing round with participation from Greenfield One, Galaxy Digital, Monday Capital, Collider Ventures, Cadenza Ventures (Bitmex), AscendEX (BitMax), Gate.io, Blockware Solutions, a bitcoin mining company, Mr. Pompliano, DeFi Technologies and Consolidated Trading .
“We are excited to see the potential of DeFi applications come to fruition on the Bitcoin network. SOVYRN has assembled a world class team coming out of the RSK team and we are pleased to be participating with Anthony Pompliano & POMP Investments in this transaction. Once thought of solely as an Ethereum-centric world, SOVRYN is now giving DeFi a truly global marketplace by extending the Bitcoin network to DeFi as a market,” said Wouter Witvoet, CEO of DeFi Technologies.
