Bitcoin • December 15, 2020, 10:00AM EST
UPDATED: December 15, 2020, 10:03AM EST

Sovryn launches Bitcoin-powered trading and lending platform

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The Block

Users can now trade bitcoin on the newly-launched decentralized trading and lending platform Sovryn, the platform announced on Tuesday.

The team behind Sovryn, which was built on the Bitcoin-powered smart contract platform RSK, says it will soon launch its decentralized governance platform as well. 

The launch comes after Sovryn raised $2.1 million in funding. Investors in the round included Greenfield One, Collider Ventures and Monday Capital. 

Sovryn allows for native and noncustodial trading and lending of bitcoin. According to the announcement, users that own BTC, USDT and the Dollar on Chain (DOC) stablecoin can earn interest by lending their assets. 

“Bitcoin created a decentralized monetary system. With Sovryn we are providing Bitcoin with a decentralized financial system as well," said Sovryn community founder Edan Yago.

The platform is planning to launch its decentralized governance contracts later this month.