As a seasoned analyst with over two decades of experience in the financial industry, I find the Yellow Network project intriguing. The partnership with Ripple co-founder Chris Larsen, a pioneer in the blockchain and cryptocurrency space, is a strong endorsement of the potential of this decentralized clearing platform.
yellowNETWORK, an online platform built on the web3 blockchain technology for the decentralized settlement of digital possessions, has secured $10 million in its initial funding phase, with Chris Larsen, one of the co-founders of Ripple, leading the investment round.
Through an investment by the co-founder of Ripple, the Yellow Network team can move forward with launching their blockchain solution to the market and tackle issues faced by cryptocurrency traders. In a statement on September 17th, Yellow Network emphasized that Larsen’s investment underscores the network’s significant importance within the crypto industry.
What is Yellow Network?
The Yellow Network’s clearing system operates on a decentralized, peer-to-peer basis at the network layer 3, leveraging state channels for streamlined trading and quick settlement through intelligent clearance methods.
In simpler terms, decentralized clearing enables direct financial transaction settlement between two parties, eliminating the necessity of central authorities like clearinghouses that are often present in traditional finance systems.
The venture, gearing up for the release of its own cryptocurrency, provides a platform facilitating decentralized financial transactions for digital asset exchange platforms, brokers, and traders.
YELLOW token expected in Q4
In March 2024, Yellow Network revealed its alliance with Linea, a layer 2 network designed for decentralized apps. Yellow Network aims to establish more partnerships and collaborations within the cryptocurrency industry, focusing on increasing its presence in DeFi and enhancing its overall trading environment.
In December 2023, the platform initiated a testing network for its peer-to-peer settlement system using the token called YELLOW. The official release of this YELLOW token is estimated to occur in the last quarter of 2024.
Yellow Network’s seed round attracted participation from several venture capital firms and investors, including Consensys, Cobo, Moonrock, and NOIA Capital. Other strategic partners backing the project include Fireblocks, Assetum, Magmo, and Qredo.
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2024-09-17 20:16