Sovren Exchange, UK’s first native crypto exchange platform has announced an Initial Coin Offering (ICO) to begin Q3 of this year.
The venture founded by a team of London-based banking executives, is raising a maximum of 10 Million USD (combination of Equity Funding and its own Sovren Token) at launch, to create a hybrid order book and brokerage exchange platform that uses a trading engine supported by Artificial Intelligence (AI) and Robotic Process Automation (RPA).
Cryptocurrency exchanges are already immensely profitable. According to the estimates reported by Bloomberg, Tokyo-based Binance alone pulls in more than 3 million USD in fees per day.
What Sovren Is Offering
Sovren is supporting trading between all major crypto assets and fiat currencies like pounds, euros and dollars, aiming for same day service and low, flat trading fees.
Sovren are in the final stages of building the platform with plans to be fully regulated by the UK’s Financial Conduct Authority (FCA). It will be the first to do so. There is a strategic focus towards institutional investors and to provide an industrial grade platform that is regulated, compliant and transparent.
Sovren will have a fully compliant platform that will support trading in derivatives, equities, commodities and securities. The platform will use intelligent automation to address liquidity challenges and a 3rd party custodial service for additional protection with a European Bank.
Sovren co-founder and CEO Avijeet Jayashekhar said building, maintaining and regulating a cryptocurrency exchange here makes a lot of sense as London is one of the most innovative financial hubs in the world.
Sovren To Make Crypto Trading “less technical”
Sovren co-founder and CTO Wynand de Jager said there are a lot of opportunities and possibilities in a decentralized ecosystem, not least of which is making finance more inclusive than it has ever been. To take part in the current crypto world, however, you need to be quite technical. He says Sovren wants to change that.
To this end, Sovren plans on implementing many of the processes and tech that power modern digital banking.
Much of that technology revolves around automating processes with the help of artificial intelligence, AI, and Robotic Process Automation, RPA.
Sovren plans on implementing AI and RPA to do tasks it has already proven successful at: performing customer service activities, recognizing and analyzing patterns in data to help traders make better decisions and monitoring trading traffic to detect cyber threats.
Sovren is currently raising funds through Financial Institutions and traditional venture capitalist funds.