Web3 blockchain platform Yellow Network has secured $10 million in a seed funding round led by Ripple co-founder Chris Larsen. The platform is set to launch its native token in Q4 2024.
Yellow Network is a layer 3 P2P protocol that utilizes state channels to facilitate trading and settlement via smart clearing. Its decentralized clearing system enables the settlement of financial transactions between two parties without relying on centralized intermediaries. The project aims to enhance the crypto trading experience by addressing challenges faced by traders.
According to a Sept. 17 announcement, Larsen’s investment highlights the network's importance in the crypto space. The platform is preparing for the launch of its native token, which will further bolster its decentralized finance footprint.
Yellow Network's platform is designed to enhance the overall trading ecosystem, with a specific focus on boosting decentralized finance experiences for digital asset exchanges, brokers and traders.
The platform launched the testnet for its P2P clearing protocol in December 2023. Yellow Network is also targeting further collaborations and integrations in the crypto sector.
In March 2024, Yellow Network announced its partnership with Linea, the layer 2 network for decentralized applications. The collaboration aimed to integrate Yellow Network’s clearing protocol with Linea's L2 network.
The platform is expected to launch its native token in Q4 2024, following the conclusion of its seed funding round. The round saw participation from several venture capital firms and investors, including Consensys, Cobo, Moonrock and NOIA Capital.
Among Yellow Network's strategic partners are Fireblocks, Assetum, Magmo and Qredo.
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