Lightning Labs Raises $10 Million to Improve Lightning Network Technology

Lightning Labs, the Bitcoin-focused startup looking to improve the Bitcoin network via its Lightning Network technology, has brought in $10 million to build what it considers “the Visa network for Bitcoin,” according to Forbes.

This $10 million is thanks to an investment round that includes Craft Ventures, a former executive from Goldman Sachs, and many more. That’s not to mention previous funding rounds from the likes of Bitcoin fanatic and Twitter CEO Jack Dorsey or the creator of Litecoin, Charlie Lee.

Lightning Labs launched its test network in 2018, and developers from all over the world have since added on to it, all trying to make Bitcoin more of a scalable technology for its users.

Since then, Dorsey’s Square Cash company has been pushing the network forward with its recent Lightning Network development kit, and the CEO of BitPay has even hinted at that group utilizing it going forward. In late 2019, Bitfinex also became the first exchange to utilize the Lightning Network as well.

Finally, today Lightning Labs announced that it would be launching Lightning Loop, a service that will help them monetize the Lightning Network by streamlining the process that allows other startups to take advantage of the network.

“We’re building the Visa network for bitcoin,” said Lightning Labs CEO Elizabeth Stark. “But what I think is powerful, is unlike Visa, anybody can build on top of it.”