Ripple Co-Founder Chris Larsen Leads $10M Investment into Yellow Network
Chris Larsen, co-founder and executive chairman of Ripple, led a $10 million seed round investment into Yellow Network, a blockchain platform focused on decentralized clearing for the trading of digital assets. The move, announced on September 17, underlines Larsen’s continued leading role in shaping the future of decentralized finance.
But first, what is Yellow Network?
Yellow Network is a web3 blockchain that gives the world a decentralized clearnet system. On top of this, with a Layer 3 peer-to-peer protocol, it enables trading and settlement via Smart Clearing-a settlements system that requires no intermediaries. Consequently, this openness of decentralization phase simplifies the flow of the financial transaction process and gives, as an effect, a secure and trustless trading environment for brokers and traders.
The chain will likely fit quite well within DeFi and digital asset exchange infrastructures.
YELLOW Token Expected in Q4
Yellow Network intends to make its native YELLOW token live in Q4 2024 after the successful release of its P2P clearing protocol testnet launched this December 2023. The platform has been gaining momentum since it announced a strategic partnership with Linea, a layer 2 network for decentralized applications, back this March 2024. The collaboration will see Yellow Network further integrated with the broader DeFi space.
Forward Outlook and Strategic Investment
The $10 million seed round saw Chris Larsen take the lead, with other venture capital firms such as Consensys, Cobo, Moonrock, and NOIA Capital following suit in succession. Other strategic investors of this ambitious venture include Fireblocks, Assetum, Magmo, and Qredo.
The goal of Yellow Network is to revolutionize digital asset trading by doing it in a way that more speedily and efficiently clears and settles without traditional financial infrastructure. With Larsen’s backing, the project is in an excellent position to be one of the most major players in the DeFi sector.
