October 10, 2024
Yala, a crypto startup focused on creating a bitcoin-backed stablecoin, has successfully raised $8 million in a seed funding round co-led by Polychain Capital and Ethereal Ventures. Additional investors in this round included Galaxy Vision Hill, Anagram, ABCDE, Amber Group, HashKey Capital, Satoshi Lab, and UTXO Management. According to co-founder and COO Kaitai Chang, this was an oversubscribed round, initially targeting $5 million.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Yala | $8M | October 10, 2024 | Seed Round | Polychain Capital and Ethereal Venture | Bitcoin |
Yala began the fundraising process in March and concluded it last month. Chang mentioned that the round was structured as a simple agreement for future equity (SAFE) with token warrants but did not disclose the company’s valuation.
About Yala
Yala is a crypto startup focused on creating a bitcoin-backed stablecoin. Their goal is to connect Bitcoin liquidity with a stablecoin that offers consistent yields, making it easier for users to leverage Bitcoin in decentralized finance (DeFi) applications.
Website: https://yala.org/
About Investor
Polychain Capital and Ethereal Ventures. Additional investors in this round included Galaxy Vision Hill, Anagram, ABCDE, Amber Group, HashKey Capital, Satoshi Lab, and UTXO Management.
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