Sienna Network Raises $11.2 Million For Privacy DeFi

Sienna networkPrivacy Decentralised Finance (DeFi) company Sienna Network has raised $11.2 million after a private and public sale of its tokens from institutional investors and the expanding Sienna community.

In the private token sale that was 200% oversubscribed and priced at $5 per token, Sienna Network raised $10 million from long-term investors that include NGC, Inclusion Capital, Lotus Capital, FBG, Skyvision Capital and more.

This was followed by a dual public sale at $6 per token that raised $1.2 million on the DaoMaker and Polkastarter exchanges after the company was swamped by huge interest and demand for the Sienna Governance Token. 

Sienna is solving the industry-wide problem of front-running where bad actors hijack future trades on public DeFi blockchains, leading to a demand for DeFi privacy. 

Execution priority on platforms such as Ethereum are driven by transaction fees. A transaction can be preempted by simply introducing a transaction and paying a higher transaction fee and is illegal in regulated financial systems. Hence front-running.

“It has been an extraordinary month and we have hit a super-sweet spot between institutional investment and our community. 

“At times it has felt like starring in The Social Network in the early days of Facebook with pings coming in from everywhere. The future looks so bright, we will have to wear shades,” said Monty Munford, Chief Evangelist and Core Contributor to Sienna Network.

Built on the Secret Network, which is the first blockchain with privacy-preserving smart contracts, and was recently profiled in a seminal TechCrunch piece article on Privacy DeFi, Sienna is a privacy-first and cross-chain decentralized finance platform where the Sienna community can privately swap, lend and convert its tokens into their private equivalent.

“Sienna’s success validates the vision we’ve long shared to bring data privacy to blockchains and decentralized applications. We believe Sienna will be a key pillar of Secret DeFi and help drive mass adoption of a more secure decentralized financial ecosystem,” said Tor Bair, CEO Secret Network.

Sienna was named after the Italian city Siena (Sienna in English), which played a historical role in banking and cryptography as early as 1135 AD when Sienna was an important trading post.

Loans against collateral and interest were offered to Sienna citizens while simultaneously, the world’s original bankers, the Knights Templar, initiated a huge network of money transfer locations so people could deposit money in the Veneto region and travel to places such as Sienna of Venice without the risk of being robbed.

Upon arrival at either destination, merchants could withdraw their money from a Templar location by handing in an encrypted document. The Templars had also invented a unique kind of encryption that would allow people to travel with a document that could only be decrypted by the Templars.

Senius Q&A: The Future Of Crypto And Privacy DeFi


Welcome to Mob76 and our readers… please tell us about the new venture, Senius and how you’re working with the Sienna Network?

Senius is a core contributor to the Sienna Network, a privacy-first decentralized finance (DeFi) platform built on top of Secret Network, which enables various financial instruments, such as private trading, lending and borrowing.

We’re launching the first products in April and we are currently raising a private sale that has seen terrific interest and we are excited that our vision has been matched by investors of all sizes.

Most of our readers will be familiar with bitcoin and other cryptocurrencies, but what issue are you trying to solve?

Existing DeFi protocols are fundamentally flawed because transactions are not private and future trades can be seen by everyone prior to execution. 

Any transaction can be pre-empted by simply introducing a transaction and paying a higher transaction fee. This is known as front-running and is illegal in the regulated financial system for good reasons. This exploitation has been in its prominence ever since DeFi surfaced and our privacy protocol will prevent that.

Lack of privacy means institutional money will not come into DeFi without a privacy-first solution. These huge institutions don’t want their activities, trading positions and liquidity provision publicly known as it compromises competitiveness.

What are these DeFi products that you speak of?

We are introducing a new interconnected DeFi protocol; a completely private lending, borrowing and, trading experience with great scalability and low transaction fees, and with a bridge for ERC-20 tokens to ensure compatibility with the Ethereum ecosystem,

This makes digital money markets efficient and fungible for everyone, and open for institutional investors. Sienna is aiming to quickly expand to other large blockchain ecosystems as well.

Any reason for naming the company after an Italian city?

Absolutely. Our company was named after the Italian city Siena (Sienna in English), which played a historical role in banking and cryptography almost a millennium ago.

In the 12th Century and as early as 1135, Sienna was an important trade city. To support the trade and economic growth of Sienna, the Bishop of Sienna started to offer loans against collateral and interest to Sienna citizens and the many people who traveled to the city to buy goods and sell their products.

At the same time, the world’s original bankers, the Knights Templar, began a network of money transfer locations so people could deposit money in the Veneto region and travel to Sienna and the port of Venice without the risk of being robbed.

Upon arrival at either destination, merchants could withdraw their money from a Templar location by handing in an encrypted document; a unique kind of encryption that allowed people to travel with a document that could only be decrypted by the Templars. It was one of the world’s first adoptions of finance and cryptography.

What are your ambitions for the company in 2021?

Sienna Network is aiming to become the de facto standard for privacy-first DeFi across multiple blockchains, targeting Ethereum initially, the biggest DeFi ecosystem, followed by other blockchains such as Polkadot, blockchains built with Cosmos (IBC) and many other chains in the near future.

The platform is controlled by SIENNA, the governance token, which is earned by using the Sienna platform via liquidity mining and other initiatives over time, creating a fair distribution for a perfect decentralized future, where SIENNA token holders decide over the entire platform. 

Where can our readers find out more about Sienna?

Yes, we are on all major networks:

🖥 Website
💬 Discord
💬 Telegram
🐦 Twitter 
👥 Reddit 
🗄 LinkedIn 
📰 Blog 

Thanks for sharing your thoughts with our readers… good luck with the launch in April

No problem, thanks for inviting me. I look forward to connecting with your readers on the networks above.

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