- SOV Global
About SOV Global
SOV Global is facilitating the launch of SOV, the first decentralized legal tender of a sovereign nation.
The project has received support from some of the most respected investors in Silicon Valley and includes as a founding member the former Secretary General of the Bank of International Settlements, as well as alumni of MIT, Y-Combinator, UCLA, and Columbia. Together, our mission is to introduce a legal currency that is tamper-proof, predictable, easily transferable, and private.
On the technical side, we are creating the Yokwe Protocol, which provides a responsible model for decentralized money and will facilitate countries moving their currency onto the blockchain.
In February of this year, the Parliament of the Marshall Islands passed the Sovereign Currency Act, legislation enabling the Marshall Islands to issue its own decentralized legal tender, the Sovereign (SOV). “This is a historic moment when we are finally issuing and using our currency, circulating along with the dollar,” said Hilda C. Heine, president of the Marshall Islands. “This is a further step towards the expression of our national freedom.” To prepare the issuance of SOV, SOV Global, a US-based company, was established.
The Marshall Islands are issuing SOV in partnership with SOV Global to finance ongoing efforts around:
· Increasing the country's financial independence and economic development
· Supporting the special needs of citizens affected by the US Nuclear Testing Program
· Mitigating damages to the country caused by climate change
As the first cryptocurrency that is the legal tender of a sovereign nation and thus internationally recognized as money, SOV is unique within both the fiat and crypto world.
Additionally, the Yokwe Protocol brings modern blockchain technology in line with international banking and regulatory standards, reassuring banks it’s safe to accept SOV funds. To send and receive funds from a SOV wallet, users first complete a Know-Your-Customer (KYC) process. The Yokwe Protocol then allows users to reveal their identity in a secure and private manner to more easily interface with financial institutions, without compromising transaction history.