Lightning Labs raises $70 million
The company Lightning Labsto whom we owe the Lightning Network, has just raised $70 million as part of a series B fundraiser. Thus, the company raises an additional $60 million compared to its previous fundraiser in which it participated Jack Dorseyex-CEO of Twitter.
The roundtable was led by Valor Equity Partnersand also saw Vlad Tenev, the CEO of Robinhood, as well as multiple investors like Goldcrest Capital, Kingsway Capital, Billie Gifford and NYDIG, among others.
This new capital injection will enable Lightning Labs grow their team and continue to grow the Lightning Networkin particular thanks to Taro, its new protocol which will make it possible to transfer stablecoins in an ultra-fast way and at a lower cost.
According to the CEO of Lightning Labs, Elizabeth Starkthe implementation of stablecoins on the Lightning Network is a first step for the adoption of Bitcoin, since it will allow citizens of developing countries to transfer their money in a form that is more familiar to them, stablecoins being by nature less volatile and backed by fiat currencies.
A small nod to the passage of Lightning Labs to the creator of Bitcoin, the announcement of the release of Taro having been made at the Satoshi Nakamoto’s birthday.
? Find our guide to buy Bitcoin (BTC)
What novelties does Taro bring?
As a reminder, the Lightning Network is a bitcoin network overlay (BTC) allowing both to carry out transactions for ridiculous fees while solving the problem of scalability of the initial network.
Updates on this parallel network are continuously implemented, for example with the Lightning Pool solutionwhich allows network users to buy and sell payment channels to solve concerns about incoming liquidity.
Now back to Taro: this is a new protocol whose implementation was enabled by the upgrade Taproot of the Bitcoin network last November, which formalized the transaction signature scheme change.
Put simply, Lightning Labs defines Taro as “ the protocol intended to extend the global reach of Bitcoin and the Lightning Network into a multi-asset network. »
In other words, users of the Bitcoin network will be able to use the Lightning Network to transfer stablecoins while benefiting from both the speed and the reduced costs of the parallel network while benefiting from the security of the first network. Technical details are available on the GitHub page dedicated to the project.
According to Elizabeth Stark, the Taro Protocol could eventually be used for non-fungible tokens (NFTs) and in-game transactions for games based on the blockchain system.
“Lightning Labs is already in discussions with many major players regarding issuing stablecoins and building new projects based on this technology,” she said.
The Lightning Network is already used in El Salvador, in particular for micro-payments thanks to the Chivo wallet, and more broadly for tips made on the Twitter platform. As a reminder, a report by Arcane Research estimated the number of Lightning Network users at 700 million by 2030.
? Also read: Hivemapper raises $18 million to become the Google Maps of Web 3.0
Source: Medium
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About the Author : Maximilien Prue
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
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