Outside Source
Yellow Network, a web3 blockchain platform for decentralized clearing of digital assets, raised $10 million in a seed round led by Ripple co-founder Chris Larsen.
The Ripple co-founder’s investment will help the Yellow Network team bring their blockchain solution to market and address challenges facing crypto traders. In a Sept. 17 announcement, Yellow Network said Larsen’s investment reinforces the network’s crucial role in the crypto space.
What is Yellow Network?
Yellow Network’s clearing system is a layer 3 peer-to-peer protocol utilizing state channels to facilitate trading and settlement via smart clearing.
Decentralized clearing allows for the settlement of financial transactions between two parties without relying on centralized intermediaries, removing the need for a clearinghouse service typically seen in traditional finance.
The project, which is preparing for the launch of its native token, offers an ecosystem that supports decentralized finance experiences for digital asset exchanges, brokers, and traders.
YELLOW token expected in Q4
In March 2024, Yellow Network announced its partnership with Linea, the layer 2 network for decentralized applications. Yellow Network targets further collaborations and integrations in the crypto sector as it looks to bolster its DeFi penetration and overall trading ecosystem.
The platform launched the testnet for its P2P clearing protocol in December 2023, with the YELLOW token launch expected in Q4 2024.
Yellow Network’s seed round attracted participation from several venture capital firms and investors, including Consensys, Cobo, Moonrock, and NOIA Capital. Other strategic partners backing the project include Fireblocks, Assetum, Magmo, and Qredo.
This article first appeared at crypto.news
