Pomp and a secretive whale lead big players flocking to Sovryn
Bitcoin-based decentralized finance protocol Sovryn, has agreed a $9M investment from a consortium of partners led by popular advisor Anthony Pompliano.
Pomp Investments was the pick of the bunch, according to the Sovryn community, after a collection of applications were vetted for potential strategic contribution.
The move means that Sovryn (SOV) will begin trading today – 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), AscendEX (BitMax) and Gate.io as well as blockchain miner Blockware Solutions.
Sovryn’s project leaders say they hope these leading market players will bring their reputations and deep balance sheets to bear and look to build software to adopt and integrate with the Sovryn protocol.
Secretive DeFi whale investor 0x_b1i is also 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.
Significant factors
Leading the investment, Anthony Pompliano said he sees decentralisation and security as the most significant factors in the Bitcoin trading environment.
“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,” he said.
“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.”
His involvement was embraced by Sovryn co-founder Edan Yago who said he was delighted that the well-respected investor had thrown his hat into the ring.
“The Sovryn community takes decentralisation seriously, as the only defence against financial censorship,” Yago said.
“This is not a project invoking kabuki theatre decentralisation, 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.”
