DeFi protocol BitVault has successfully raised $2 million in a pre-seed funding round, with participation from notable investors such as GSR, Gemini, Auros, and Keyrock. The funds will support the launch of BitVault's over-collateralized stablecoin, bvUSD, and its yield-based variant, sbvUSD, both backed by Bitcoin derivatives. BitVault plans to deploy its protocol on Katana, a decentralized financial chain developed by Polygon Labs and GSR, utilizing an authorized fork of Liquity V2. This deployment will enable licensed lending, user-set interest rates, and automatic liquidation. The launch on the Katana mainnet is scheduled for June 2025, with efforts underway to attract institutional borrowers.