- Bitcoin’s Lightning Network developer, Lightning Labs, has now announced expansion plans powered by a $10 million Series A funding.
- The new product is also the first of Lighting’s “Blue Sky” products and is supposed to open up a world of “Lightning-native financial products.”
Bitcoin’s Lightning Network developer, Lightning Labs, has now announced expansion plans powered by a $10 million Series A funding. The company plans on scaling the technology that makes payments on the Lightning Network possible and improves the ecosystem for developers to work in.
Lightning Labs is scaling!
Announcing our $10M Series A to fuel LN development, and the Lightning Loop beta release, a product making it easier send/receive #bitcoin instantly.
With 4000 developers and 30+ startups, the next decade of Lightning is on ?https://t.co/3P4gVm89OV
— Lightning Labs⚡️ (@lightning) February 5, 2020
Along with this news also comes the beta release for Lightning Loop, a paid product from Lightning Labs that is supposed to help make more efficient BTC transactions.
The Series A funding for $10 million is lead by Craft Ventures, and this capital is going to a strong proponent in getting the Lightning Network to mature and become an integral and efficient part of the Bitcoin protocol.
So far, Lightning has scaled quite magnificently with 4,000 developers and even stronger community along with nearly 30 start-up companies that have integrated Lnd into their businesses.
The use cases for the network have also been very diverse from all the integrations. The company has also managed to work in close harmony with the rest of the Bitcoin community to ensure interoperability with other protocols on Bitcoin.
The introduction of Lightning Loop is also a strong move for Lightning Labs. It is their first implementation of a paid product that makes Bitcoin transactions quicker and systematic for Bitcoin network nodes, businesses, and end-users.
As per the company’s blog post on Medium, customers can now transfer funds between the Bitcoin blockchain and the Lightning network without a hassle. The new product is also the first of Lighting’s “Blue Sky” products and is supposed to open up a world of “Lightning-native financial products.”
The Bitcoin Lightning Network is an upper layer network built by Lightning Labs on top of the Bitcoin blockchain that uses payment channels that enable quick transactions on the network while also simultaneously solving Bitcoin’s scalability problem.
The company hopes that this expansion will further Lightning’s efforts to make the Bitcoin blockchain more accessible and functional while improving adoption across the globe.