$10 million investment to make bitcoin relevant

Blockchain startup Lightning Labs has received a 10 million dollar investment to build and improve its payment network for Bitcoin. This financial injection is needed to continue development and make bitcoin payments relevant and easy for users from all ages and all around the globe. Ultimately the payment system for Bitcoin needs to compete with traditional payment providers like Visa and Mastercard.

Among the investors are some familiar faces. Twitter and Square boss Jack Dorsey, Robinhood co-founder Vlad Tenev and Litecoin creator Charlie Lee are just a few of the investors. The investment will be used to improve the Lightning Network and build more services on top of it. They’ve been testing atomic swaps in the past, so perhaps that’s something that will bring to the market as well.

We at Lightning Labs see this as not an accomplishment in and of itself, but a means to achieving our goal of bringing instant bitcoin transactions to millions of people.

Elizabeth Stark, CEO and Co-Founder — press release February 5th 2020.

At the moment companies like Bitpay and Coinbase are strong players in the market for cryptocurrency payment processors. However, Lightning Labs wants a piece of that pie with their newly launched product Lightning Loops. This is a bitcoin payment processor for the…