Yellow Network, a web3 blockchain platform for decentralized digital asset settlement, has raised $10 million in a funding 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 the challenges faced by crypto traders. On September 17, the Ripple co-founder said, advertisementYellow Network said Larsen’s investment reinforces the network’s critical role in the crypto space.
What is the yellow network?
Yellow Network’s clearing system is a layer 3 peer-to-peer protocol that uses state channels to facilitate trading and settlement via smart clearing.
Decentralized clearing allows financial transactions to be settled between two parties without relying on central intermediaries, removing the need for a clearing service that we typically see in traditional finance.
The project, which is preparing to launch its native token, offers an ecosystem that supports decentralized finance experiences for digital asset exchanges, brokers, and traders.
YELLOW token expected to appear in Q4
In March 2024, the Yellow Network It was announced Partnering with Linea, a layer 2 network for decentralized applications, Yellow Network is targeting more collaboration and integration in the crypto space as it looks to boost the DeFi proliferation and overall trading ecosystem.
The platform launched the testnet for its P2P clearing protocol in December 2023, and the YELLOW token is expected to launch in Q4 2024.
Yellow Network’s seed funding 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.
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