Sovryn developers launch Bitcoin-based DEX on RSK

The Sovryn startup raised $2.1 million in funding and launched a decentralized exchange (DEX) with lending capabilities.

Sovryn has successfully raised $2.1M in its private round. Keep on the lookout for our whitelist and public rounds for the $SOV bitocracy token. https://t.co/88dwsHe8y6

— Sovryn | DeFi for Bitcoin (@SovrynBTC) December 15, 2020

The Sovryn DEX runs on the RSK smart-contracts platform. The developers say they plan to launch a decentralised governance mechanism this month.

The Sovryn exchange offers lending and non-custodial trading of Bitcoin, USDT and the Dollar on Chain (DOC) stablecoin.

“Bitcoin has created a decentralised monetary system. Through Sovryn we are delivering a Bitcoin with a decentralised financial system,” said Edan Yago, a project representative.

Funding for Sovryn’s development came from Greenfield One, Collider Ventures and Monday Capital.

Earlier ForkLog reported on a tool built on the RSK platform to interact Bitcoin with the Aave DeFi service’s token.

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