Ripple co-founder leads $10M raise for decentralized clearing
Chris Larsen, co-founder of Ripple, has led a $10-million seed funding round for Yellow Network, a new decentralized clearing network that aims to address cryptocurrency inefficiencies.
The investment by the Ripple co-founder will support efforts to solve the digital asset market’s liquidity fragmentation, scalability and capital efficiency issues.
“Other notable backers and supporters include Consensys, GSR, NxGen, MV Global, Gate Labs, ZBS Capital, Moonrock Capital, Math, Cobo, NOIA Capital, and LD Capital.”
Related: Demand for Japanese yen stablecoins is ‘only a matter of time’ — Brad Garlinghouse
Crypto trading inefficiencies
A press release shared with Cointelegraph states that Yellow Network’s decentralized clearing protocol is designed to “address critical industry challenges.”
“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.”
Discussing the investment, Larsen stated that the protocol is “essential” for newcomers and offers a “game-changer” solution due to its “fast trade execution and capital efficiency.”
Related: Ripple and SEC agree to stay $125M judgment, hinting at appeal
Understanding decentralized clearing
Decentralized clearing involves bypassing centralized intermediaries or a clearinghouse to settle a financial transaction between parties, eliminating an intermediary from the process.
This function is managed on the blockchain or through smart contracts and typically involves preserving privacy and removing central authorities seen in traditional financial systems.
The caveat to this system is the tradeoff between decentralization and regulated, centralized alternatives — the latter often featuring more consumer protective measures.
Related: Ripple to add smart contracts to XRP Ledger
Ripple co-founder endorses Kamala Harris
As the news outlet CNBC reported on Sept. 6, Larsen signed a letter endorsing Vice President Kamala Harris for president alongside 87 other corporate leaders in the United States.
According to the CNBC report, the 88 US corporate leaders included 21st Century Fox CEO James Murdoch and Snap chairman Michael Lynton, among others.
The news followed the departure of former Ripple board member Gene Sperling from the White House in early August to join Kamala Harris’ 2024 presidential campaign.
Magazine: Proposed change could save Ethereum from L2 ‘roadmap to hell’
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Cardano Empowers Users with XRP Transactions via Lace Wallet
In Brief Cardano users can now perform XRP transactions through Lace Wallet. The Midnight Network is introducing new airdrop opportunities for XRP holders. Market reactions indicate cautious optimism for Cardano and XRP prices.

XRP’s 16-Day $3 Surge Sparks Hopes of Breaking All-Time Highs

Trump turns on ‘buddy’ Putin over Ukraine, says he’ll slap Russia with sanctions now
Share link:In this post: Trump warned he may hit Russia with new sanctions after fresh missile attacks on civilians. Trump met with Zelenskyy in Rome and called the meeting productive, but gave no full details. Trump offered a peace deal that includes recognizing Crimea as Russian territory, which Zelenskyy rejected.
Trump’s economic and geopolitical failures took center stage at Pope Francis’ funeral
Share link:In this post: Trump’s economic and diplomatic tensions took over the spotlight at Pope Francis’ funeral. Trump met briefly with Zelenskyy, Macron, and Starmer during the service but made little progress. Trump skipped a second meeting with Zelenskyy and left Rome quickly after the Mass.

Trending news
MoreCrypto prices
More








