Stablecoin

Bitcoin

Ethereal

Yield

<p><strong>Key Points</strong>:</p>  
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 <li><em>Yala raises $8 million in seed funding from Polychain Capital, Ethereal Ventures, and others.</em></li>  
 <li><em>The startup is building a bitcoin-backed, yield-earning stablecoin called YU.</em></li> 
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<h5 class="wp-block-heading"><strong>Yala raises $8M in seed funding led by Polychain and Ethereal to develop YU, a bitcoin-backed stablecoin with innovative features like MetaMint cross-chain protocol.</strong></h5>  
<figure class="wp-block-image aligncenter size-large"><a href="https://coincu.com/wp-content/uploads/2024/10/telegram-cloud-photo-size-5-6071279518548606855-y.jpg" rel="noopener noreferrer nofollow"><img src="https://coincu.com/wp-content/uploads/2024/10/telegram-cloud-photo-size-5-6071279518548606855-y-1024x576.jpg" alt="Yala Raises $8M in Seed Funding to Build Bitcoin Stablecoin" class="wp-image-286619"></a>
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<h2 class="wp-block-heading" id="strong-yala-raises-8m-in-seed-funding-to-build-bitcoin-backed-stablecoin-strong"><strong>Yala Raises $8M in Seed Funding to Build Bitcoin-Backed Stablecoin</strong></h2>  
<p><a href="https://x.com/yalaorg/status/1844389851581513873" target="_blank" rel="noopener noreferrer nofollow">It has raised $8 million</a> in an oversubscribed seed round for developing YU, a bitcoin-backed, yield-generating stablecoin. Co-led by Polychain Capital and Ethereal Ventures, the round included the participation of other prominent venture capitalists such as Galaxy Vision Hill and Amber Group.</p>  
<p>The key innovation at Yala is the MetaMint protocol, which lets users mint the YU directly with Bitcoin deposits on EVM-compatible blockchains.</p>  
<p class="has-background" style="background-color:#222222"><strong>Read more: <a href="https://coincu.com/286608-bitcoin-spot-etf-outflows-hit-40-56m-on-october/" target="_blank" data-type="link" data-id="https://coincu.com/286608-bitcoin-spot-etf-outflows-hit-40-56m-on-october/" rel="noopener noreferrer nofollow">Bitcoin Spot ETF Outflows Hit $40.56M on October 9</a></strong></p>  
<h2 class="wp-block-heading" id="strong-yala-raises-8m-in-seed-funding-for-yu-stablecoin-backed-by-bitcoin-and-yield-generation-strong"><strong>Yala Raises $8M in Seed Funding for YU Stablecoin Backed by Bitcoin and Yield Generation</strong></h2>  
<p>Yala's YU is a stablecoin designed to represent decentralized finance to Bitcoin users. The project has attracted funding of $8 million and is well-placed to offer an exciting combination of yield-earning potential mixed with stability because it is bitcoin-backed. Investors have already committed upwards of 2,000 BTC more than $126 million at the current price to its protocol.</p>  
<p>Yala also brings along Takaful, the insurance feature handling liquidation risks stemming from the volatility in the price of Bitcoin. The testnet for the protocol goes live this month, with a mainnet due early next year.</p>  
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    <td><em><strong>DISCLAIMER</strong>:&nbsp;The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></td>
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Yala Raises $8M in Seed Funding to Build Bitcoin Stablecoin

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