Lightning network development startup ACINQ secures $8M from Idinvest, Bpifrance, Serena
Wed, 09 Oct 2019, 08:22 am UTC
ACINQ, one of the three main Lightning Network development firms, has secured $8 million in a Series A led by Idinvest Partners, with participation from Serena and Bpifrance, state-owned French investment firm.
As per a release, the funding will be used to expand its team, enhance the Lightning protocol, and grow its business. Currently, the startup has raised a total of $10 million in venture funding.
In its 2015 white paper, ACINQ described Lightning Network as an open payment network that brings VISA-scale scalability to Bitcoin. It offers unlimited throughput, instant payments, and low fees while maintaining “trustlessness and censorship-resistance properties.” ACINQ is popularly known for Éclair Mobile, the most famous Lightning wallet in the world.
“Bitcoin is set to become the currency of the digital era, but its story is just beginning. Lightning will allow it to move to a new dimension and become universal. ACINQ’s team includes some of the best Lightning experts in the world. They have all the skills and knowledge needed to build this new payment infrastructure. We’re very happy to help support ACINQ’s growth,” Nicolas Debock, Idinvest Partners’ Managing Director, said.
Meanwhile, Veronique Jacq of Bpifrance told CoinDesk that bitcoin is starting to become a staple of the global economy. The latest move marks the financial institution’s first investment in a crypto startup.
“The lightning network will be where high volumes of transactions could develop in the future, so we wanted to be there, with the infrastructure that will enable these transactions,” she said.
Meanwhile, another independent startup that lets people use Bitcoin Lightning Network, Fold App, has secured $2.5 million and added a fiat currency payment option.
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