Ripple co founder Chris Larsen leads $10M investment in Yellow Network
Chris Larsen, co-founder of Ripple, has led $10 million in seed funding for Yellow Network.
With this strategic investment, Yellow Network positions itself as a leader in the DeFi trading revolution as its market valuation approaches $200 million. Other notable backers and supporters include GSR, Consensys, MV Global, Gate Labs, Math, ZBS Capital, NxGen, Moonrock Capital, Cobo, LD Capital, and NOIA Capital, the company said in a press release.
Yellow Network addresses important industry issues like counterparty risks, scalability, and fragmentation of liquidity by introducing an innovative decentralized clearing protocol.
Speaking on the importance of Ripple co-founder Support, the company said that Larsen is a pivotal figure in the development of online FinTech and blockchain technology, and his support highlights the significance of Yellow Network's objective to elevate the cryptocurrency trading industry's trust, efficiency, and safety.
His innovative work with Ripple—especially in the area of cross-border payments—highlights the two companies' strategic alignment at a time when Yellow Network is further integrating with Ripple's XRPL EVM sidechain.
Co-founder of Ripple Chris Larsen stated, "I'm proud to back Yellow Network as it addresses the fragmentation of liquidity in cryptocurrency trading and establishes new standards for the rapidly changing digital asset market. The protocol of Yellow Network is important for new entrants into the market, and its capacity to provide high-speed trading firms with fast trade execution and capital efficiency is a game changer."
Louis Bellet, CEO of Yellow Network, explained in the press release that the way the world views and uses blockchain technology has changed as a result of Chris Larsen's contributions to Ripple and online finance. His involvement provides us with the courage to advance and transform the way digital asset markets operate.
Yellow Network is getting ready for the Q4 2024 launch of the $YELLOW token as part of its next stage of expansion. The Yellow Network ecosystem will depend on this token to power all platform transactions.
Yellow Network will launch an exclusive liquidity-locking campaign in advance of the token launch, enabling the community to actively contribute to the network's growth through liquidity mining.
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