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

by Mike Robinson

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Lightning Labs Raised $70 Million for Integration of Stablecoins in Bitcoin Network

Lightning Labs is the developer of Layer-2 Lightning Network and has raised $70 Million in Series B financing round. This will enable them to create a stablecoin as well as an asset protocol for the Bitcoin network.

The network, dubbed “Taro”, will be based on Taproot, a recent blockchain upgrade. Valor Equity Partners was the leader of this round and was joined by Baillie Gifford (Baillie Gifford), Goldcrest, Kingsway and Stillmark as well as Brevan Howard and NYDIG.

Taro: Instant Stablecoin transactions on the Bitcoin Network

Elizabeth Stark is the co-founder of Lightning Labs and the CEO. She announced Taro’s launch. Taro is an open protocol that uses the Bitcoin Taproot upgrade.

Lightning Labs refers to Taro as an asset-overlay network for Bitcoin. Taro, as announced by Lightning Labs, aims to add stablecoins on the Bitcoin blockchain in order to provide instant USD and fiat-pegged asset settlements.

Taro will enable developers to issue Bitcoin assets and then onboard them onto the Lightning Network for speed, scaleability and security. Lightning Labs further explained Taro will leverage Bitcoin’s liquidity to ensure interoperability between assets.

Lightning Labs is not going to issue a stabilize coin, because Taro is not stablecoin. It is rather a protocol which will allow Lightning Labs users to move assets around Lightning.

Flipside

  • Regulation is on the rise Stablecoins can withstand heatThis could impact the development of Taro and its deployment.

What You Need to Care About

Taro could aid in furthering Bitcoin’s adoption, as it would potentially allow more users in developing countries to send fiat-backed stablecoins without needing to tap into the traditional systems.

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