Sovryn Bank, if it launches, will be a regulated entity connecting with the fiat world.
As part of the Sovryn family, I would like to see it engage with SOV. I’m interested in ideas on how SOV could be looped into a neobank experience.
Examples:
Generally I have been rather skeptical of utility models but I am interested in other views and ideas.
Sovryn Bank?
By that naming alone it should at least somehow benefit stakers, I’d say.
Sovryn is searching for a CEO?
Sovryn devs are already building on it?
SOV buyers/stakers therefore already provided more groundwork to that new thing than to get some rebates or early access to buy another token.
What functions or solutions does the sovryn bank provide?
Does it provide loans?
Does it store assets on behalf of others?
Is it just a regulated body to push ach/wire transfers for people?
How will it interact with the Dapp?
Unfortunately, I don’t know much about how Sovryn Bank works so far, so I’m having a hard time coming up with good thoughts.
Is Sovryn Bank more of a tool to bring Zero to many new users?
Are there other income streams besides Zero that Sovryn Bank is targeting? Merchant fees, bridging fees?
If there are, Sovryn could be considered to have a share in these. For example, a small portion of the profit could be used to buy SOV on the market and send it to the development fund. As a development budget.
For the purpose of this discussion, I’d recommend just think about Sovryn Bank as a neo-bank app (like Revolut) but with Zero and Sovryn dollars.
I would agree with you on this where the tokens sole purpose is utility (like CHSB in SwissBorg).
SOV is different , it is the Sovryn Ecosystem Governance , using it to offer Premium Services within the Sovryn Bank would be just a secondary usecase so it would not stray from the SOVRYN Ethos and ideals
something like mtpelerin
@yago, is this sovryn bank having shares of it’s own? can we stakers invest in this?
I wonder if it is possible to imagine Sovryn creating a regulated neobank.
I wonder how oil and water can be mixed, or kept separate without each losing its essence.
It was texts like the following that brought me closer to Sovryn (copying from A Sovereign Bitcoiner's Manifesto | Sovryn Blog, brought to you by Ororo, August 29, 2020).
"More than mildly, it annoys us that we have the tools to be truly sovereign and yet we continue to submit our ourselves, and our bitcoin, to centralised authorities.
“Privacy is necessary for an open society in the electronic age” (A Cypherpunk's Manifesto); yet KYC is demanded before we can trade.
“Not your keys, not your coins” (Bitcoin Q&A: How Do I Secure My Bitcoin? - YouTube); yet millions of bitcoin sit in the vaults of custodial exchanges and wallets.
“For monetary liberty to be widespread it must be part of the social contract. We must come together to deploy decentralised systems that maintain Bitcoin’s promise of sovereignty. These tools already exist and they are improving.”
If part of the profits are shared with SOV stackers that would add massive value to its holders, which would generate more desire to buy SOV and stake it, removing it from circulation and potentially increasing its value.
If the bank itself has an easy and simple way to jump in with fiat while having easy access to Zero and other products, it could help onboarding a large number of users. Which would also increase SOV staker revenue.
Just thinking about possibilities, the first thing that springs to mind is utilising SOV akin to the Nexo token.
If you hold a certain percentage of their token in relation to your portfolio, you gain additional perks like lower interest rates on loans or increased interest on the coins you hold with them. Therefore the SOV token would grow and shrink in value alongside the overall crypto market.
Could this style of feature merge well with governance?
How about earning SOV tokens as cashback on purchases that are spent directly from a Zero LoC via a debit card? Again something akin to the Nexo Card.
Referrals paid in SOV.
The above products are things I would/do use hence the suggestions, so I don’t see why I wouldn’t be interested in using them from a Sovryn neobank.
Offering some perks to SOV stakers I can understand but If the bank is a separate entity with its own investors then I don’t see why they would share profits with the SOV stakers.
SOV stakers would benefit indirectly by the increased usage of the platform. It would also lead to better recognition for the Sovryn brand and act as a funnel so more sophisticated users can interact directly with the app.
The bank could also buy and stake SOV to become a stake holder in the Sovryn ecosystem so the liquid supply could reduce.
In general I think a regulated bank with a better UI and customer support etc using Sovryn at the back end would be a good idea as average users might prefer a more personalised experience.
If I remember correctly You have mentioned in older interviews the difficulty you faced in setting up regulated financial/cross border payments services etc in the past, is there better clarity now that you think it is possible to setup such a bank or are there still open questions as to what is possible?
