Lightning Labs receives $ 70 million from a series-B increase

• The company focused on Bitcoin intends to use the funds to further advance its Lightning solutions
• Lightning Labs also suggested a new protocol, Taro, which will facilitate cost-effective StableCoin transactions

Lightning Labs announced the news of a series B increase in the amount of $ 70 million and added that the funds will flow into projects that aim to introduce stablecoin and other asset transfers to Bitcoin.

Several names took part in the financing round, including the asset management company Baillie Gifford and Valor Equity Partners - the latter led them. Other companies and individuals involved are Nydig, Goldcrest Capital, Kingsway, Stillmark, Brevan Howard, Moore Strategic Ventures, Alan Lane, CEO von Silvergate, and Vlad Tenev, CEO by Robinhood.

The company based in California, which focuses on the development of software that drives the Lightning Network, also announced a tapo-based "Taro" protocol. The protocol, Taproot Asset Representation Overlay, will enable users to carry out the Lightning Network at low fees at low fees. The latter is a decentralized layer 2 payment solution that enables quick and cheap transactions with Bitcoin.

"Taro enables the sending of assets such as stable coins via the Bitcoin network with the immediate, high volume, the low fees of Lightning and the fees that are dramatically lower than in Visa. Taro will bring the interoperability between assets such as USD stable and BTC to the many places where Lightning is already in use today, For example, in emerging countries, including El Salvador, which Bitcoin recently introduced as a legal means of payment, as well as video games, large stock exchanges, drinking money on Twitter and more ”, says in a message from the company.

The only previously completed increase of the company took place in February 2020. At that time, the company secured $ 10 million from the financing led by Craft Ventures and at the same time brought the beta version of his Lightning Loop service into space.

When asked about the trend of announcing salary increases next to products, Elizabeth Stark, CEO and co -founder of Lightning Labs, said this is intended.

"The goal of the announcement was to focus on technology [Taro Protocol] Money procurement is only the means, not the goal", she noticed.