DeFi protocol BitVault completes $2 million pre-seed round of financing, with participation from GSR, Gemini and others

Odaily News DeFi protocol BitVault announced the completion of $2 million in pre-seed financing, with investors including GSR, Gemini, Auros and Keyrock. BitVault will launch the over-collateralized stablecoin bvUSD and its yield-based variant sbvUSD, which are backed by Bitcoin derivatives. The protocol will be deployed on Katana, a new decentralized financial chain incubated by Polygon Labs and GSR, using the authorized fork of Liquity V2 to achieve licensed lending, user-set interest rates and automatic liquidation infrastructure. BitVault plans to deploy on the Katana mainnet in June 2025 and is actively introducing institutional borrowers. (Cointelegraph)