Yala, a Bitcoin liquidity layer with stablecoin protocol, raises $8 million in seed round

YalaBitcoin Liquidity, which has a modular approach featuring a hypercollateralized stablecoin protocol, has raised $8 million in a seed round. According to a press release, the round was co-led by Polychain Capital and Ethereal Ventures, with participation from prominent investors including Galaxy Vision Hill, Anagram, Amber Group, ABCDE, Ambush Capital, GeekCartel, HashKey Capital, and L2 Iterative Ventures (L2IV). ), SatoshiLab, UpHonest Capital, UTXO Management, and 280 Capital. “The capital will be used to fund the expansion of Yala’s engineering, growth and security teams ahead of mainnet launch,” the company said. Yala plans to launch its testnet next week.