Foresight News reports that, according to Cointelegraph, the Bitcoin ecosystem DeFi protocol BitVault has announced the completion of a $2 million seed round, with strategic investors including GSR, Gemini, Auros, and Keyrock. This funding will be used to support the launch of bvUSD (BitVault's over-collateralized stablecoin backed by Bitcoin derivatives) and sbvUSD (its yield variant supported by GSR's institutional trading strategies).
BitVault will serve as the stablecoin protocol on Katana, a new DeFi-first chain incubated by Polygon Labs and GSR, prioritizing deep liquidity and user rewards. BitVault is a friendly fork of Liquity V2, redesigned for institutional users under a licensing deployment agreement with Liquity AG. BitVault will launch the VCRAFT token for future protocol governance.
