The Beginning of the End for Centralized Exchanges

22 Nov 2020

Bitcoin is a response to the risk people take when they trust centralized entities with their money. Sovryn is a response to the risk people take when they trust centralized entities with their Bitcoin. We are developing new ways to trade Bitcoin (and other cryptocurrencies) without counter-party risk and without using a less secure blockchain with its own native asset.

Sovryn promises you nothing - the code promises

• Sovryn will never block access to any part of the world with internet access. Just like Bitcoin doesn’t care where you’re from, what your background, or what you believe, Sovryn will not restrict access to anyone who can use it.
• Sovryn’s users will never have to worry about their funds being subject to fraudulent activities from an internal team.

Why are we saying this? Well, because most crypto companies, including Bitmex, Binance, and Cred, can’t.

Cred recently filed for bankruptcy after “irregularities” experienced from “fraudulent activity.” Not much is delineated after that, but what remains clear is this is why we build decentralized and trustless applications. We don’t want to entrust our funds to strangers who have no accountability and are prone to corruption or error. Bitcoiners should never have to sacrifice their sovereignty to utilize their holdings of the number one digital store of value.

Binance has had a history of tension with regulatory powers, recently planning a U.S. entity in order to feign compliance with the U.S. government. Not even two weeks later, Binance has initiated an exit strategy of abandoning all services to users with American IP addresses. The toughest thing about centralized entities is dealing with other centralized entities. Binance will not have sovereignty for as long as it stays centralized. Neither will its customers. While this may be a radical overhaul of how they operate, we might even be able to help.

We extend a hand to anyone offering crypto trading services to integrate Sovryn’s non-custodial margin trading to users, as well as the ability to stack sats by lending Bitcoin.

Sovryn has great potential for integrating with centralized exchanges to enhance their security. While users on Sovryn earn interest from their lent Bitcoin, they can see exactly where it goes, and withdraw whenever they please without a conversation with customer support and without sharing a social security number.

In Sovryn, your privacy is a protected right. You are never required to share your personal information in order to stack sats. When the user experience one day matches the ease of a centralized exchange, why would people go anywhere else?

With that said, our software is open-source, and any application or business- decentralized or not, can benefit from it. We extend a hand any exchange willing to use Sovryn in their backend.

We’re not asking you to trust us. The contrary, in fact - you can verify by looking at the code, which is entirely open-source.

Stay Sovryn.