Ripple's Chris Larsen Backs $10M Seed Round in Yellow Network to Address Crypto Trading Challenges

September 17, 2024 — San Francisco, CA – Yellow Network, a next-generation decentralized clearing network for digital assets, has secured $10 million in seed funding led by Ripple Co-Founder and Silicon Valley pioneer Chris Larsen. This strategic investment comes as the market valuation reaches over $200 million, positioning itself as a frontrunner in the DeFi trading revolution. Other notable backers and supporters include Consensys, GSR, NxGen, MV Global, Gate Labs, ZBS Capital, Moonrock Capital, Math, Cobo, NOIA Capital, and LD Capital.

Yellow Network introduces an innovative decentralized clearing protocol to address critical industry challenges, including liquidity fragmentation, scalability, and counterparty risks. The chain-agnostic network is built on state channel technology and provides capital efficiency, reduced latency, and scalability for the ever-growing digital asset market.

Industry Leaders Driving the Innovation

Yellow Network is the brainchild of a seasoned team of fintech and crypto experts led by Louis Bellet, a visionary entrepreneur and systems architect. As the founder of Openware, a leading provider of crypto exchange software, Louis brings a deep understanding of the industry's challenges. His expertise in building robust trading platforms has been instrumental in shaping the network architecture.

Joining Louis is Alexis Sirkia, co-founder of GSR, the pioneering market-making firm. Sirkia’s extensive experience in trading and market dynamics has been invaluable in developing Yellow Network's value proposition. Together with Camille Meulien, a seasoned software architect, this dynamic trio is driving innovation and redefining the future of crypto trading.

The Significance of Chris Larsen's Support

Chris Larsen’s involvement marks a pivotal moment for Yellow Network. As a key figure in the development of online FinTech and blockchain technology, Larsen’s endorsement reinforces the importance of Yellow Network’s mission to bring trust, efficiency, and safety to the cryptocurrency trading industry. His pioneering work with Ripple, particularly in cross-border payments, significantly highlights the strategic alignment between the two companies as Yellow Network deepens its integration with Ripple’s XRPL EVM sidechain.

Chris Larsen, Ripple Co-Founder, said, "I'm proud to support Yellow Network as it tackles liquidity fragmentation in crypto trading and sets new standards for the rapidly evolving digital asset ecosystem. Yellow Network's protocol is essential for the new players entering the space, and its ability to deliver fast trade execution and capital efficiency is a game-changer for high-speed trading firms."

Yellow Network’s CEO, Louis Bellet, stated, “Having Chris Larsen's support is an incredible validation of our efforts. His contribution to Ripple and online finance transformed how the world perceives and utilizes blockchain technology. His involvement gives us the confidence to push forward and reshape how digital asset markets function.”

Looking Ahead: $YELLOW Token and Future Developments

As part of its next phase of growth, Yellow Network is preparing for the launch of the $YELLOW token, scheduled for Q4 2024. This token will be the lifeblood of the Yellow Network ecosystem, powering transactions across the platform. 

In preparation for the token launch, Yellow Network will roll out an exclusive liquidity-locking campaign, allowing the community to participate actively in the network’s expansion through liquidity mining.

Additionally, Yellow Network plans to bring its partnership with Ripple to life by integrating Ripple’s XRPL EVM sidechain. This collaboration will further strengthen Yellow Network's capabilities, positioning it as a fundamental player in the evolving retail and institutional trading landscape.

About Yellow Network

Yellow Network is building the first decentralized clearing network for digital assets, addressing the inefficiencies of traditional crypto trading systems. By leveraging state channel technology and chain abstraction, the protocol drastically reduces latency, enables horizontal scalability, and improves capital efficiency, providing a secure, non-custodial solution to the modern trading ecosystem.

Yellow Network is a project under the Layer-3 Foundation, a non-profit organization dedicated to supporting the adoption of chain-agnostic technologies that accelerate the mass adoption of blockchain. To learn more, visit their website.

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