September 24, 2023

Lightning Labs Attracts $ 10 Million Financing and Launches First Paid Product

Lightning Labs, lead developer of solutions for the Lightning Network, attracted Series A funding round $ 10 million. The firm also announced a beta release of its first paid product.

The investment round was led by Craft Ventures, and its managing director Brian Murray said:

“Bitcoin will do for money what it didInternet for communications. Lightning Labs builds critical infrastructure to make this possible. We are proud to support the Lightning Labs team and community as we move on to the next chapter in BTC history. ”

Lightning Labs released the first flagshippaid product in beta - Lightning Loop. The solution is designed to help startups, node operators and end users more efficiently send and receive funds on the Lightning network, managing liquidity.

“With Loop, users can transfer funds between the Bitcoin blockchain and the Lightning network without restrictions.” - explained the blog co-founder of Lightning Labs Elizabeth Stark.

Loop will be the first in a series of financial products from the company, she added.

Stark also noted that over the past two years, many startups and projects have appeared in the Lightning Network ecosystem, and Lightning Labs has become an infrastructure provider for them.

Recall that last year Lightning Labs introduced a mobile wallet and a tool for monitoring activity on the Lightning Network.