According to TechFlow, on October 10, Yala, a stablecoin developer in the Bitcoin ecosystem, announced the completion of a $8 million seed round of financing. This round of financing was jointly led by Polychain Capital and Ethereal Ventures, and participated by Galaxy Vision Hill, Anagram, ABCDE, Amber Group, HashKey Capital, Satoshi Lab and UTXO Management.
Yala co-founder and COO Kaitai Chang said the company originally planned to raise $5 million, but it was oversubscribed. The financing was structured as a SAFE agreement (Simple Agreement for Future Equity) with token warrants. Yala is developing a Bitcoin-backed, yield-generating stablecoin called YU. Users will be able to mint YU by depositing Bitcoin into any target blockchain through the MetaMint cross-chain protocol. The company claims that investors have committed to deposit more than 2,000 Bitcoins (about $126 million) for its protocol.
Yala plans to launch a testnet this month, and the mainnet is expected to go live in the first quarter of next year.
