Key Points:
- Yala raises $8 million in seed funding from Polychain Capital, Ethereal Ventures, and others.
- The startup is building a bitcoin-backed, yield-earning stablecoin called YU.
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.
Yala Raises $8M in Seed Funding to Build Bitcoin-Backed Stablecoin
It has raised $8 million 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.
The key innovation at Yala is the MetaMint protocol, which lets users mint the YU directly with Bitcoin deposits on EVM-compatible blockchains.
Read more: Bitcoin Spot ETF Outflows Hit $40.56M on October 9
Yala Raises $8M in Seed Funding for YU Stablecoin Backed by Bitcoin and Yield Generation
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.
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.
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