The DeFi protocol BitVault has completed a $2 million pre-seed funding round, with participation from GSR and others

ChainCatcher news, according to Cointelegraph, the DeFi protocol BitVault announced the completion of a $2 million pre-seed funding round, with investors including GSR, Gemini, Auros, and Keyrock.

BitVault will launch an over-collateralized stablecoin bvUSD backed by Bitcoin derivatives and its yield-bearing variant sbvUSD. The protocol will be deployed on the new decentralized finance chain Katana, incubated by Polygon Labs and GSR, utilizing a permissioned fork of Liquity V2 to achieve permissioned lending, user-set interest rates, and automated liquidation infrastructure.

BitVault plans to deploy on the Katana mainnet in June 2025 and is actively onboarding institutional borrowers.