- Lightning Labs has raised $70 million in its newest funding spherical.
- The funding will empower the corporate’s purpose to additional increase Bitcoin and Lightning applied sciences.
- The spherical was led by Valor Equity Partners, early backers of Tesla and SpaceX, and joined by international asset supervisor Baillie Gifford.
Lightning Labs at the moment introduced it had raised $70 million in a collection B funding spherical to additional increase its growth of open-source Bitcoin and Lightning software program, the corporate stated in an announcement despatched to Bitcoin Magazine.
“In a world with a lot of technology solutions in the search of a problem, we believe in solving real problems for real people, which is what sets the entire Lightning Network protocol community apart,” Lightning Labs co-founder and CEO Elizabeth Stark instructed Bitcoin Magazine.
The firm stated it plans to make use of the spherical’s proceeds to fund its efforts in constructing Bitcoin and Lightning software program, together with Taro, a protocol the agency proposed at the moment to carry property to the Bitcoin stack by means of Taproot.
“Taro makes sending assets like stablecoins possible using the bitcoin network with the instant, high volume, low fee nature of Lightning, and fees dramatically lower than Visa,” the corporate stated in an announcement. “Taro will bring interoperability between assets like USD stablecoins and BTC to the many places Lightning is already in use today such as across emerging markets, including El Salvador which recently made bitcoin legal tender, as well as video games, major exchanges, tipping on Twitter, and more.”
Lightning Labs’ collection B funding was led by Valor Equity Partners, early backers of Tesla and SpaceX, and joined by international asset supervisor Baillie Gifford. Bitcoin-only enterprise capitalist agency Stillmark, Goldcrest Capital, Kingsway, Moore Strategic Ventures, Brevan Howard, Robinhood CEO Vlad Tenev, NYDIG, Silvergate CEO Alan Lane, and others additionally participated within the spherical.
“We feel lucky to be working with mission-driven investors who believe in the power of Bitcoin and that the network stack can bring financial access to all,” Stark stated.
Lightning Labs raised $10 million in a collection A spherical two years in the past, on the similar time when it launched its Lightning Loop service in beta.