The software company of bitcoin, Lightning Labs, has seized huge funding that will be used by them for developing and enabling the network of the company. This up-gradation will help in the cheaper and faster transactions of stablecoin and bitcoin.
The New Funding Bagged By Lightning Labs Will Help In Adding Stablecoins
The round of funding was headed by Valor Equity Partners which amounted to $70 million Series B and numerous well-known investors participated in the event like Goldcrest Capital, Baillie Gifford, and many other angel investors. It has been informed that recently additional features have been included in the Lightning Labs along with new software for the Lightning Network (LN) and a solution for the layer-2 transaction of bitcoin.
The funding that has been granted will be used to channel into Taro, a new protocol that has been formed to transfer the stablecoins with the help of LN. Stablecoins will not be issued by Lightning Labs, however, the infrastructure will help them to move to the network.
The transactions of Stablecoins happened because of the up-gradation of Bitcoin Taproot in November last year which also launched smart contract capabilities. In the view of the company, Taro will help in the adoption of more bitcoins by allowing the unbanked in the countries that are developing over the years to transfer money with the help of stablecoins.
Elizabeth Stark, the co-founder, and CEO of Lightning Labs stated that the funding is very important as the company has a lot of potential to chain the currencies all over the world through BTC over the LN. She also added that if she was Visa she would have been petrified as the majority of the people in the world have mobile phones and they have no need to tap into the conventional system.
As per data, Lightning Labs have incurred nearly $10 million in September from its Series A and then a $2.5 million seed round in 2018.
