DeFi

Read

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 <a href="https://yellow.com/news/ripples-chris-larsen-backs-dollar10m-seed-round-in-yellow-network-to-address-crypto-trading-challenges" target="_blank" rel="noopener noreferrer nofollow">announcement</a>, Yellow Network said Larsen’s investment reinforces the network’s crucial role in the crypto space.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/dragonfly-vc-raising-500m-in-fourth-funding-round/"> Dragonfly VC raising $500m in fourth funding round </a>
<h2 class="wp-block-heading" id="what-is-yellow-network">What is Yellow Network?</h2>
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.
<h2 class="wp-block-heading" id="yellow-token-expected-in-q4">YELLOW token expected in Q4</h2>
In March 2024, Yellow Network <a href="https://medium.com/yellow-blog/yellow-lineas-collaboration-sets-the-stage-for-growth-fe086855f67b" target="_blank" rel="noopener noreferrer nofollow">announced</a> 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 <a rel="noopener noreferrer nofollow" href="https://crypto.news/tag/defi/">DeFi</a> 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.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/ripple-co-founder-endorses-harris-for-president-report/"> Ripple co-founder endorses Harris for president: report </a>

Ripple’s Chris Larsen leads $10m investment in Yellow Network

Table of Contents

crypto.news

Other articles published on Sep 17, 2024

Analysts predict major gains for these crypto coins

Solana Memecoin Trump vs China to Skyrocket Over 12,000% Before Exchange Listing, As DOGE and SHI...

DeltaPrime DeFi Protocol Lost $5.9M in Ongoing Exploit: Report

Russia Reportedly Launches Crypto Experiment for Cross-Border Trade

What Is Donald Trump’s New Crypto Project, World Liberty Financial?

Weekly Article Recap: 9/02-9/06

Join our free newsletter for daily crypto updates!