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Lightning Network collaborating company receives millionaire contribution and launches application for merchants

Cryptocurrency

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The American startup Lightning Labs, which developed the software used in the Lightning Network, announced on Wednesday (05) that it received a contribution of US $ 10 million. According to the company, the value will be used to further develop the platform.

Elizabeth Stark, co-founder and CEO of Lightning Labs, said she sees the investment not just as an achievement, but also as a way to achieve her goal. According to her, the biggest mission is to bring instant bitcoin transactions to millions of people.

"We raised $ 10 million to further develop our payment technology," said Stark, in an article on Medium.

According to the director, the millionaire contribution was led by the American Craft Ventures. In addition to the funding, Brian Murray, the company's general director, joined the team and will be an advisor at Lightning Labs.

"We have assembled a large group of angel investors and funds," said Stark.

On the same day, the startup also announced the beta launch of the Lightning Loop app. The payment service was created specifically for the retail sector.

According to the company, the app will make it easier for merchants to send and receive funds, both in fiat and bitcoin.

Lightning Network is ‘old’ dream

In her publication, Stark recalled the time when she was still thinking about a solution to the scalability of bitcoin.

At the time, she said, she saw that bitcoin could fulfill the task of sending and receiving money on the internet.

She then showed in the article an old tweet on the subject, published in February 2014.

"Bitcoin as a protocol has enormous potential: it is like the TCP layer, but no one has built the HTTP layer yet."

About the Lightning Network

The Lightning Network is essentially a decentralized system for instant and high-volume Bitcoin micropayments. It is a complementary layer to facilitate transactions outside the blockchain.

In September last year, the network reached 10,000 nodes.


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