Lightning Labs Attracts $ 10 Million Investment

Lightning Labs raised $10 million in Series A funding and also unveiledbeta version of its payment service for outlets that work with bitcoin.

“If bitcoin gets widerdistribution and declares itself to be a global currency, you will need tools to transfer it much faster and cheaper. Visa uses a large number of methods to transfer currencies around the world. Bitcoin also needs to have several solutions and the Lightning Network is one of them, ”said new member of the Board of Directors of Lightning Labs Brian Murray.

With the help of borrowed funds, the company intends tohire more developers and commercial specialists, so that she will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new service has been launched.Lightning Loop, through which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

“We are growing rapidly, and solutionsLightning Labs allows us to simplify the liquidity management process of our funds. This frees up time for developers to devise user-friendly and intuitive user interfaces, ”said Will Reeves, Fold spokesman.

According to Lightning Labs, this year the companywill develop tools for working with larger payment channels. We are talking about both individual channels, which are individually capable of holding more than $ 1,500, as well as multidirectional ones, which break down payments into smaller parts.

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