Decentralized margin trading platform Sovryn has launched Bitcoin on its protocol. On the 15th of December, the newly-launched trading and lending platform announced that users can now begin to trade BTC. Also, the Sovryn team added that the protocol would soon launch its decentralized governance platform. Sovryn is planning to launch the governance platform later in December.
Notably, Sovryn recently secured $2.1 million in a financing round led by Greenfield One. Other participants in the investment round are Collider Ventures and Monday Capital. Also, Collider Labs and BlockVenture contributed initial capital and support to Sovryn.
In the announcement, Sovryn community founder, Edan Yago, said:
“Bitcoin created a decentralized monetary system. With Sovryn we are providing Bitcoin with a decentralized financial system as well.”
Yago also said that Sovryn is for users who wish to “maintain control of their keys and private data.”
In addition, Sovryn leverages the RSK Bitcoin sidechain and allows native and noncustodial trading of BTC. Also, Sovryn allows lending of the leading digital asset.
The announcement further noted that holders of BTC, USDT, and the Dollar on Chain (DOC) stablecoin who lend their assets would have access to earn rewards.
Finance Yahoo revealed in a report that the Sovryn developers had conducted tests on the platform before the launch. The report said the developers examined and audited the capabilities of the platform for three months.