Key Takeaways
- Yellow Network has raised $10 million in seed funding led by Chris Larsen, co-founder of Ripple.
- Yellow Network is introducing a web3 clearing network for digital assets that tackles critical issues like liquidity fragmentation, scalability, and counterparty risks in trading digital assets.
Yellow Network, a web3 clearing network for digital assets, has raised $10 million in a seed funding round led by Ripple co-founder Chris Larsen. This funding boosts Yellow Network’s market valuation to over $200 million.
Founded by a group of fintech and crypto veterans, Yellow Network is pioneering a decentralized clearing protocol that promises to address long-standing industry challenges such as liquidity fragmentation, scalability, and counterparty risks.
The protocol leverages state channel technology and chain abstraction, offering enhanced capital efficiency, reduced transaction latency, and greater scalability—crucial features for the burgeoning digital asset markets.
Industry Heavyweights Rally Behind Yellow Network
The strategic funding round saw participation from several prominent firms including Consensys, GSR, NxGen, MV Global, Gate Labs, ZBS Capital, Moonrock Capital, Math, Cobo, NOIA Capital, and LD Capital.
At the helm of Yellow Network is Louis Bellet, founder of Openware and a recognized figure in crypto exchange technology. His expertise, along with that of co-founders Alexis Sirkia of GSR and software architect Camille Meulien, is central to Yellow Network’s innovative approach to crypto trading.
Strategic Endorsements and Future Directions
Chris Larsen’s involvement is particularly noteworthy. As a luminary in the FinTech space and a pioneer of blockchain technology, his backing is seen as a major endorsement of Yellow Network’s potential to transform cryptocurrency trading practices.
Larsen’s experience with cross-border payments at Ripple and his support for the XRPL EVM sidechain align closely with Yellow Network’s objectives, especially as it integrates these technologies to expand its services.
“Having Chris Larsen’s support is an incredible validation of our efforts,” remarked CEO Louis Bellet. “His contribution to Ripple and online finance transformed how the world perceives and utilizes blockchain technology.”
Token Launch and Liquidity Initiatives
Looking ahead, Yellow Network is gearing up for the launch of its native $YELLOW token in the fourth quarter of 2024. This token is expected to play a pivotal role in facilitating transactions and incentivizing participation across the network.
In anticipation of this launch, the company will initiate a liquidity-locking campaign designed to bolster community engagement through liquidity mining.
Furthermore, Yellow Network plans to integrate with Ripple’s XRPL EVM sidechain to elevate its operational capabilities. It is likely to reinforce its position as a key player in both the retail and institutional trading sectors.
As Yellow Network continues to navigate the complex waters of DeFi, its blend of innovative technology, strategic partnerships, and industry support sets a solid foundation for its future endeavors and a potentially transformative impact on the digital assets trading industry.
Read Also: MoonFi Launches Cross-Chain DEX on Cosmos
