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The closure of Sögur

It is with great regret and after much consideration that we have decided to close the Sögur project. With a constantly shifting regulatory environment and a market where the community seeks volatility, it has become clear to our dedicated and passionate team that our project is not one that the world is ready for now, if ever.

This decision is taken from a place of strength that means all holders of Sögur token will be able to go to the smart contract and have their SGR redeemed back to ETHs. Please find more information below on our decision to close Sögur and how SGR holders can redeem their tokens.

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January 5, 2021

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.

It is with great thanks and admiration to the Sögur team and all of our supporters that we close our project. We began this journey motivated by great ideas and aspirations, we’ve met many challenges and have learnt a lot - our principles and enthusiasm remain.

Thank you for your continued support,
Sögur Team

HOW TO REDEEM YOUR SGR

Holders of SGR are encouraged to redeem their tokens back to ETH before Wednesday, February 17, 2021 by selling their tokens on exchanges, swapping in DEXes and selling back to the SGR smart contract.

On Thursday, February 18, 2021, Sögur’s monetary model will be closed and any funds remaining in the reserve accounts will be exchanged to ETH and deposited in a liquidity pool from which holders can continue to redeem their funds.

Key dates:

  • Tuesday, January 5, 2021 - Sögur’s smart contract closes for minting new SGR
  • Wednesday, February 10, 2021 - Last day for SGR to be traded on exchanges
  • Wednesday, February 17, 2021 - Last day for SGR holders to redeem their holdings according to Sögur’s monetary model
  • Thursday, February 18, 2021 - Sögur’s monetary model closes. Holders can redeem their SGR from the ETH liquidity pool

FOR THE NEXT GENERATIONS

We spent over four years creating models and technology to bring Sögur to life and we believe our models and mechanisms still hold great potential and many future applications. They will remain available to those who can leverage their potential. Please feel free to explore further.