Cryptocurrency

Lightning Labs Raises $70 Million to Integrate Stablecoins into the Bitcoin Network By DailyCoin


Lightning Labs Raises $70 Million to Integrate Stablecoins into the Bitcoin Network

Lightning Labs, the builders behind the Layer-2 Lightning Network, has raised $70 million in a Collection B funding spherical to construct a stablecoin and asset protocol on the Bitcoin community.

The community, dubbed “Taro”, shall be based mostly on Taproot, a latest blockchain improve. The funding spherical was led by Valor Fairness Companions and joined by Baillie Gifford, Goldcrest, Kingsway, Stillmark, Brevan Howard, and NYDIG.

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Taro: Prompt Stablecoin Transactions on the Bitcoin Network.

Elizabeth Stark, co-founder and CEO of Lightning Labs, introduced the launch of Taro, an open protocol based mostly on the Bitcoin Taproot improve.

Lightning Labs describes Taro as an asset overlay community on Bitcoin. In accordance to the announcement, Taro goals to deliver stablecoins to the Bitcoin blockchain for immediate USD and different fiat-pegged asset settlements.

Taro will assist builders problem property on the Bitcoin blockchain and onboard them to the Lightning Network for velocity and scalability. Lightning Labs additional defined Taro will leverage Bitcoin’s liquidity to guarantee interoperability between property.

Lightning Labs is not going to be issuing a stablecoin, as Taro just isn’t a stablecoin however moderately a protocol that can assist the motion of property throughout Lightning.

On The Flipside

  • The rising regulatory warmth confronted by stablecoins may probably have an effect on the improvement and deployment of Taro.

Why You Ought to Care

Taro may assist in furthering Bitcoin’s adoption, as it will probably permit extra customers in creating international locations to ship fiat-backed stablecoins with no need to faucet into the conventional programs.

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