Lightning Labs Raises $10M Series A to Be the ‘Visa’ of Bitcoin

Lighting labs announced today a $10 million Series A led by Craft Ventures. The raise coincides with the beta launch of its financial product, Lightning Loop, which aims to help merchants manage their payment channels more effectively. Lighting Loop is a non-custodial on and off ramp used to move funds between the lightning network and Bitcoin.

Why it matters:

• To date, a limitation of the lightning network is that users are limited to transacting with each other according to the number of bitcoin they initially deposited into a lightning channel. With Loop users will now be able to transfer more than that initially deposited amount.
• Lightning Labs previously raised $2.5 million in 2018 from Twitter co-founder Jack Dorsey, former PayPal COO David Sacks, and Litecoin creator Charlie Lee. Lightning Labs has now raised $12.5 million to date.