An Update from Sögur — The End of the Journey
We started our journey with a vision to create a truly global currency — for global citizens and unrestricted by the boundaries of states and central banks.
Through the combined efforts and imaginations of creative thinkers we created Sögur (previously known as Saga), a digital currency governed by its holders, stabilised through replicating the IMF’s SDR currency composition and utilising the best blockchain technology available.
However, it is with great regret and after much consideration that we are announcing the closure of Sögur. We believe that it is our responsibility to do this now, as we cannot see a viable future for our project. We are taking this decision from a place of strength, realistically assessing the future, and not out of pressing necessity. All holders of the Sögur token will be able to go to the smart contract and have their SGR redeemed back to ETHs.
Over time, it has become clear to our expert, dedicated and passionate team that our project is not one that the world is ready for now, if ever. The market and regulatory environments combined, have yet to support its ongoing growth.
To make Sögur appeal in today’s market, its very essence would have to fundamentally change, driving it far from what we had aimed to build and from who we are. This would not be what our team, contributors and community had opted in to.
Regulation has shifted significantly over the last four years, often impacting our ability to progress and do business. Our approach of working with regulators and asking for permission, rather than forbearance, meant at times we were left waiting and uncertain. Regulators continue to grapple with the new world of digital currencies and as a result so too do the start-ups and small companies with new ideas and ambition.
We have spent the last four years creating the technology to bring Sögur to life. The reimagined smart contracts, monetary and governance models have been created with no IP by design. We believe this has great potential and many future applications, where similar checks and balances are desired. They will remain available on our website to those who can leverage their potential.
For the avoidance of any doubt whatsoever, we have established Sögur under strict non-profit principles, and none of the founders, employees or advisors will keep any of the project’s funds. SGRs remain fully redeemable.
Learn how to redeem your SGR token back to ETH here.