After the turmoil in the crypto lending industry, Lava, a financial application that supports Bitcoin lending, has completed a $10 million Series A financing round, with investors including Founders Fund and Khosla Ventures. Lava's core product, Lava Vault, is designed for users who want to save in Bitcoin and spend in US dollars, and provides three major functions: Lava Free Pay, Lava Exchange and Lava Smart Key. Lava Free Pay provides instant, free and global payment services, Lava Exchange provides users with convenient channels for purchasing and withdrawing Bitcoin, and Lava Smart Key achieves secure self-custody. Lava does not plan to launch its own token, and financing is carried out in an all-equity manner.

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