BlockBeats reported that on October 10, Yala, a Bitcoin liquidity protocol and stablecoin issuer, announced the successful completion of an $8 million seed round of financing and received a financing commitment that exceeded the target by 3 times. This round of financing was led by Polychain Capital and Ethereal Ventures, and the following investors included Galaxy, Anagram, Amber Group, ABCDE, Ambush Capital, GeekCartel, HashKey Capital, L2 Iterative Ventures (L2IV), SatoshiLab, UpHonest Capital, UTXO Management and 280 Capital. Although the specific valuation has not been disclosed, the funds raised will be mainly used for team expansion, product development and security improvement, and to prepare for the mainnet launch. In addition, investors have also pledged to pledge more than 2,000 bitcoins to Yala.
It is worth noting that the lead investor in this round of financing is exactly the same as the lead investor in the EigenLayer seed round in August 2022. Yala's mission is to connect Bitcoin with major ecosystems and improve Bitcoin's liquidity through stablecoins as a medium. Its modular architecture enables Yala to be deployed cross-chain on EVM-compatible platforms (such as Ethereum) and non-EVM systems (such as Solana), thereby enhancing Bitcoin's composability and promoting the development of an open Bitcoin DeFi ecosystem.
According to the official disclosure, Yala's testnet will be released next week, and the community is welcome to actively participate.
