DeFi protocol BitVault completes $2 million pre Series funding round with participation from GSR and others

According to Cointelegraph, DeFi protocol BitVault announced the completion of a $2 million pre Series funding round, with strategic investors including GSR, Gemini, Auros, and Keyrock. This financing will support the launch of Bitcoin derivative over collateralized stablecoin bvUSD and yield variant sbvUSD. BitVault will be deployed as the core protocol on the Katana chain incubated by Polygon Labs and GSR, using Liquity V2 license fork technology to support institutional lending and automated clearing. GSR will provide a delta neutral arbitrage strategy for its income based stablecoins. The agreement is scheduled to be launched on the mainnet by the end of June and will be expanded to include more BTC collateral assets in the future.