Lightning Labs, which specializes in the development of products for the second-layer solution of Bitcoin; better known as Lightning Network. It has received a total of ten million dollars from its investors.
The company has officially announced that they have been able to raise more than $ 10 million thanks to their investors in a sale of shares; o Series A.
As noted, Lightning Labs plans to use this money to further develop all the features of the solutions they offer; such as its scalability.
Money for the Lightning Network
Although the money has gone to Lightning Labs, much of this $ 10 million will go to the benefit of all within the crypto ecosystem. Again, it is worth noting the character of open source that all Bitcoin related technologies have. This ensures that any technological advancement, however small; this always within reach of all humanity.
This large investment of a tens of millions of dollars; It takes place just one year after the “Seed Round” carried out by Jack Dorsey, the CEO of Twitter and founder of Square, Vlad Tenev, co-founder of Robinhood, and Charlie Lee, the creator of Litecoin (LTC).
The last round of Lightning Lab was directed by Craft Ventures, as well as Ribbit Capital, RRE, M12 and Slow. And big names such as Ross Stevens, CEO and founder of Stone Ridge, John Pfeffer of Pfeffer Capital, David B. Heller, former co-director of securities at Goldman Sachs and others participated as investors.
In Lighting Labs we do not see the collection of such amount of money as an achievement in itself. But, as a means to achieve our goal of bringing instant Bitcoin transactions to millions of people around the world, said Elizabeth Stark, part of the Lightning Labs team.
The money is already invested
Lightning Labs launches the beta version of its first product that will have to be paid to use it.
In parallel, the financing round was closed. Lightning Labs announced another important milestone for the company. In statements to the international media. Elizabeth Stark said the company also launched the beta version of Lightning Loop, the first paid product of Lightning Lab.
But, let’s not worry, Lightning Network will not be paid in the future. The company said Lightning Loop will be focused on large merchants; which need many more options.
Loop will add “incoming liquidity” to receive payments and reduce transaction fees by recycling and reusing Lightning channels, the company explained.
Economics student of the UCV. Defender of individual freedoms and of course also of the market and cryptocurrencies.