Our fintech & crypto team assisted its client, Sovryn – a decentralized finance (DeFi) trading platform – in the latest investment in its network and its protocol development. Sovryn is governed by an online user community in the model of decentralized autonomous organization (DAOs) – a growing practice in the Blockchain and Web3 ecosystems.

Assisted by the Herzog team, the transaction was facilitated by selling tokens in the Sovryn network in exchange for $5 million in funds from VC firm General Catalyst and additional investors – a deal that underscores the challenges and intricacies of DAO financing.

For more information on the legal aspects of DAOs, visit the recent brochure prepared by Herzog’s crypto team