🌎 Yellow Network Raises $10M in Seed Round Led by Ripple Co-founder

Yellow Network, a web3 blockchain platform for decentralized clearing of digital assets, has successfully raised $10 million in a seed round led by Ripple co-founder Chris Larsen.

This significant investment from Larsen will enable the Yellow Network team to bring their innovative blockchain solution to market, addressing key challenges faced by crypto traders. In a recent announcement, Yellow Network highlighted that Larsen’s investment underscores the network’s vital role in the cryptocurrency space.

What is Yellow Network?

Yellow Network’s clearing system is a layer 3 peer-to-peer protocol that uses state channels to facilitate trading and settlement through smart clearing. This decentralized clearing method allows financial transactions to be settled between two parties without relying on centralized intermediaries, eliminating the need for traditional clearinghouse services.

The project is gearing up for the launch of its native token and offers an ecosystem designed to support decentralized finance (DeFi) experiences for digital asset exchanges, brokers, and traders.

YELLOW Token Expected in Q4

In March 2024, Yellow Network announced its partnership with Linea, a layer 2 network for decentralized applications. The partnership is part of Yellow Network’s strategy to enhance its DeFi penetration and overall trading ecosystem. The platform launched the testnet for its P2P clearing protocol in December 2023, with the YELLOW token launch anticipated in Q4 2024.

Yellow Network’s seed round saw participation from several venture capital firms and investors, including Consensys, Cobo, Moonrock, and NOIA Capital. Other strategic partners supporting the project include Fireblocks, Assetum, Magmo, and Qredo.