Two London ex-Bankers launch first UK regulated Digital Asset Trading Platform and Crypto exchange accessible to Institutional Investors

LONDON, July 16, 2018 (GLOBE NEWSWIRE) -- UK's first native crypto exchange platform is on its way to become a reality.

Sovren Exchange, a venture founded by a team of London-based banking executives, has announced an Initial Coin Offering (ICO) to begin Q3 of this year. For their launch, Sovren (SVRN) is raising a maximum of 10 Million USD (combination of Equity Funding and its own Sovren Token) 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).

Sovren will have a fully compliant platform that will support trading in derivates, equities, commodities and securities. The platform will use intelligent automation to address liquidity challenges and a 3^rd party custodial service for additional protection with a European Bank.

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.

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.

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. 

"London is one of the most innovative financial hubs in the world," said Sovren co-founder and CEO Avijeet Jayashekhar. "Building, maintaining and regulating a cryptocurrency exchange here makes a lot of sense. We on the Sovren team have the experience necessary to approach that process from the outset, rather than as an afterthought."

One such team members is Sovren co-founder and CTO Wynand de Jager, who is a member of the British Blockchain Association with over 15 years experience implementing disruptive technology in the financial industry.

"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," said Wynand. "To take part in the current crypto world, however, you need to be quite technical. We want to change that."

To this end, Sovren plans on implementing many of the processes and tech that power modern digital banking.

"The banking business, especially on the retail side, is a very competitive industry. If banks had the kind of customer service crypto exchanges currently have, they wouldn't last very long," said Avijeet. "Most of the technology is there to make the improvements necessary but because of the decentralized nature of blockchain, they need to be implemented in a new way."