Cryptocurrency news

Lightning Labs raised $10 million in investment

Lightning Labs raised $10 million in investment

Lightning Labs raised $10 million in a series a funding round, and also introduced a beta version of its payment service for retail outlets that work with bitcoin.

“If bitcoin becomes more widespread and claims to be a global currency, you will need tools that allow you 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 Lightning Labs Board member Brian Murray.

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

Now a beta version of the new Lightning Loop service has been launched, with which retail outlets will be able to manage payment channels more effectively and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping app, which processed approximately 1,600 transactions via the Lightning Network over the holidays in 2019.

“We are growing at a rapid pace, and Lightning Labs solutions allow us to simplify the process of managing the liquidity of our funds. This frees up developers ‘ time to create user – friendly and intuitive user interfaces,” said Fold representative will Reeves.

According to Lightning Labs, this year the company will develop tools for working with larger payment channels. We are talking about both individual channels that individually can hold more than $1,500, and multi-directional channels that split payments into smaller parts.