Lava, a bitcoin-focused financial services startup, announced on Wednesday that it has raised $17.5 million in new funding while also launching a lending product offering yields on US dollars.

In a post on X, the company said its platform allows users to fund overcollateralized loans secured entirely by bitcoin (BTC), with lenders earning up to 7.5% on their deposits. 

The funding follows Lava’s earlier $10 million Series A round led by Founders Fund and Khosla Ventures. New backers in this extension include Peter Jurdjevic, Bijan Tehrani of Stake, Charlie Spears, Jacob Brown, Lee Linden, and Zach White. The firm said the additional capital will be used to expand its…

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