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Jack Dorsey-backed Lightning Labs Secures $10M to Create Visa-like Network for Bitcoin

Through a medium blog post, Lightning Labs CEO and Co-founder Elizabeth Stark announced that the tech company had raised a $10 million Series A capital. The raised capital will be used to further its lightning payment system project that is being implemented on Bitcoin transactions, and also to bring on-board new developers in their payroll.

According to Stark, the raised capital is not a big accomplishment in itself, rather it’s a means they have secured to achieve their original goal of scaling up instant BTC transactions to millions of users worldwide.

“We’re building the Visa network for Bitcoin. But what I think is powerful, is unlike Visa, anybody can build on top of it,” explained the CEO.

Per the announcement, the Jack Dorsey-backed company launched its major product, the beta of Lightning Loop, which they have been working on for quite a long period. Lightning Loop being the first paid product from the company, it is expected to raise the company’s investment valuation.

According to the announcement reported by Alex Bosworth on medium, Lightning Loop is a service that facilitates faster transactions of Bitcoin between LN and the blockchain. The released version came with notable improvements like time preference discounts, authentication tokens, a complete developer API, volume discounts, increased transaction limits, and also improved stability.

After a successful market testing of the alpha loop out, Lightning Labs released the full pack in June where they added the non-custodial loop in the system. Since then, the developer team has been improving the service in order to be able to provide liquidity service that is faster and cheaper compared to the ones in the market.

The new Loop Beta will employ the batching technique when dealing with multiple Bitcoin transactions. This will reciprocate to lower transaction fees and a fast-secure blockchain system in the market.

Loop Beta is being considered as a major road map to the lightning technology that blockchain has not fully exhausted its capabilities. Businesses using lightning technology have already begun using the beta loop through the backend integration tools

According to Stark, Lightning Labs has witnessed a tremendous rise in the startup businesses that use lightning technology. She even went ahead to state that they are too many to list.

With the vast application of lighting technology, the Beta Loop is considered to be used by crypto wallets, video game companies and also in financial and trading products.

For a long time since the first crypto asset was invented, the crypto community will see the problems encountered by Bitcoin solved. Issues revolving around transaction fees, and time might be solved once and for all. Depending on how the market embraces Beta Loop, its enrollment will be gradual until fully competing with other payment systems in the market.

Jack Dorsey-backed Lightning Labs Secures $10M to Create Visa-like Network for Bitcoin

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