Yala, a Bitcoin liquidity protocol and stablecoin issuer, announced the successful completion of an $8 million seed round of financing and received financing commitments that exceeded the target by 3 times. This round of financing was led by Polychain Capital and Ethereal Ventures, and followed by Galaxy, Anagram, Amber Group, ABCDE, Ambush Capital, GeekCartel, HashKey Capital, L2 Iterative Ventures (L2IV), SatoshiLab, UpHonest Capital, UTXO Management and 280 Capital. The specific valuation has not been disclosed. The funds raised will be mainly used for team expansion, product development and security improvement, and to prepare for the mainnet launch. In addition, investors have also pledged to pledge more than 2,000 bitcoins to Yala.
It is reported that Yala's mission is to connect Bitcoin with major ecosystems through stablecoins as a medium and improve Bitcoin's liquidity. Its modular architecture enables Yala to be deployed cross-chain on EVM-compatible platforms (such as Ethereum) and non-EVM systems (such as Solana), thereby enhancing Bitcoin's composability and promoting the development of an open Bitcoin DeFi ecosystem. According to official sources, Yala's testnet will be released next week. (TheBlock)