Singapore, Singapore, October 10th, 2024, Chainwire
Leading industry investors join forces to support Yala’s vision of a connected multi-chain ecosystem with Bitcoin.
Yala, a liquidity protocol and stablecoin issuer for Bitcoin, has announced the successful completion of its 3x oversubscribed seed funding round. The round was co-led by Polychain Capital and Ethereal Ventures, with participation from prominent investors, including Galaxy Vision Hill, Anagram, Amber Group, ABCDE, Ambush Capital, GeekCartel, HashKey Capital, L2 Iterative Ventures (L2IV), SatoshiLab, UpHonest Capital, UTXO Management, and 280 Capital.
Yala’s team raised an $8 million seed round at an undisclosed valuation, funding the expansion of its engineering, growth, and security teams ahead of its mainnet launch. This follows over 2,000 BTC in committed deposits from investors.
Yala’s mission is to unlock Bitcoin liquidity through a protocol that combines stablecoin issuance with multi-chain ecosystems. Its modular architecture supports cross-chain deployments across EVM-compatible platforms like Ethereum and non-EVM systems like Solana, enhancing Bitcoin composability and driving a connected Bitcoin DeFi ecosystem.
Key Investors Highlight Support
“Our strategy is to invest in and support founders in building an ecosystem driven by strong synergies. Through its stablecoin, Yala will bridge the gaps, enabling our Bitcoin ecosystem to thrive with robust liquidity”, said the Polychain Capital Team.
“Yala’s approach addresses the current liquidity gap in the Bitcoin ecosystem. Their first-mover advantage, paired with the excellent execution speed of the team, will unlock new opportunities in BTC-related DeFi innovation. EV is thrilled to be supporting their journey,” added Min Teo, Managing Partner & Co-founder at Ethereal Ventures.
Yala’s Vision
Yala is building a modular infrastructure to deploy cross-chain modules, enhancing Bitcoin composability across ecosystems. The key components of the Yala protocol are:
- Overcollateralized Stablecoin Protocol: A Bitcoin-backed stablecoin ensuring security and stability.
- MetaMint: Enables minting stablecoins directly from the Bitcoin mainnet on the destination chain.
- Insurance Derivatives Service: Provides comprehensive insurance solutions within the
Go to Source to See Full Article
Author: Crypto Daily™
