Visa should be 'scared': Lightning Labs raises $70M to add stablecoins
The firm has built a new protocol called Taro to enable stablecoins to be sent and received on the Bitcoin Lightning Network. Bitcoin software firm Lightning Labs has secured a large funding round enabling it to further develop the Lightning Network for faster, cheaper Bitcoin and stablecoin transactions.The $70 million Series B funding round was led by Valor Equity Partners, with participation from Baillie Gifford, Goldcrest Capital, and several other angel investors. Lightning Labs builds additional features and software for the Lightning Network (LN), Bitcoin’s layer-two transaction....
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Lightning Labs is building the ability to use stablecoins on the Lightning Network using the new Taro protocol due to demand in emerging markets.
The controversial Taro protocol is ready for testing. The initial version of the code is available on GitHub, and it enables “developers to mint, send, and receive assets on the bitcoin blockchain.” Notice that the company isn’t talking about the Lightning Network yet. In a blog post announcing the Taro launch, Lightning Labs promised, “Once the on-chain functionality is complete, we’ll work towards integrating the Taro protocol into lnd, bringing Taro assets to the Lightning Network.” This is the first step of many and it’s mainly aimed at developers. According to Lightning Labs,....
Lightning Labs will employ the round's proceeds to fund its efforts in developing Bitcoin and Lightning software, including the new Taro protocol.
Have you heard about Taro? It’s an improvement proposal for the Lightning Network that Lightning Labs introduced in April. “Taro makes Bitcoin and Lightning multi-asset networks,” the company claims in the latest edition of their newsletter. They also explain in simple words what the protocol does, how it does it, and the implications of its implementation. “In a world of omnipresent communications connectivity, nobody says “cross-border messaging” anymore. Taro promises to do the same thing to “cross-border payments” by decentralizing the entire global FX market into a protocol that can....
Lightning Labs has launched Lightning Pool, a marketplace for Lightning Network channel liquidity and, perhaps, the advent of LiFi. The post Lightning Labs Releases Channel Liquidity Marketplace appeared first on Bitcoin Magazine.