PANews reported on June 18 that according to Cointelegraph, DeFi protocol BitVault announced the completion of a $2 million pre-seed round of financing, with strategic investors including GSR, Gemini, Auros and Keyrock. The financing will support the launch of the Bitcoin derivatives over-collateralized stablecoin bvUSD and its yield-based variant sbvUSD.

BitVault will be deployed as a core protocol on the Katana chain incubated by Polygon Labs and GSR, using the Liquity V2 licensed fork technology to support institutional-level lending and automated liquidation. GSR will provide a delta-neutral arbitrage strategy for its yield-based stablecoins. The protocol is scheduled to be launched on the mainnet at the end of June and will be expanded to more BTC collateral assets in the future.