ACINQ Raises $8 Million to Improve Bitcoin's Lightning Network
- The round was participated by a French state-owned bank.
ACINQ, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term startup contributing to Bitcoin's lightning network, on Wednesday announced the closing its Series A round after raising $8 million.
The round was led by Idinvest Partners and participated by Serena and Bpifrance, a state-owned investment bank in France. With this round, the startup has gathered a total of $10 million in investments.
The announcement detailed that the fresh capital will be used on multiple fronts, including in the growth of the team of the blockchain startup, improving its Lightning protocol and expand its business as a major operator and liquidity provider.
Commenting on the investment, Nicolas Debock, managing director at Idinvest Partner, said: “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.”
State-owned bank taking interest in Bitcoin
The investment grabbed attention because of the backing received from a state-owned bank. Unlike other blockchain-startups, ACINQ’s products make transactions with Bitcoin efficient, which ultimately promotes the mainstream acceptance of crypto.
“Cryptocurrency’s potential is becoming more and more obvious. In this area where there is still much to explore and build, Bitcoin provides a platform for experimenting and implementing that is second to none,” Véronique Jacq, director of investments at Bifrance, said. “Lightning is its most promising scalability solution and we’re happy and proud to help and partner with ACINQ, a French company that is one of the world leaders of this new technology.”
ACINQ is extensively working on the Lightning network and is known for its Eclair Lightning network implementation and mobile wallet app. The company is also working on a business-focused API called Strike to accept lightning network Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.
“In a context of currency wars and negative interest rates, Bitcoin’s value proposition —a free, independent currency with an issuance policy set in its protocol— is impossible to ignore. All that it needs to achieve its goals is a sound, usable scalability solution,” Kamel Zeroual, a partner at Serena, added.
ACINQ, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term startup contributing to Bitcoin's lightning network, on Wednesday announced the closing its Series A round after raising $8 million.
The round was led by Idinvest Partners and participated by Serena and Bpifrance, a state-owned investment bank in France. With this round, the startup has gathered a total of $10 million in investments.
The announcement detailed that the fresh capital will be used on multiple fronts, including in the growth of the team of the blockchain startup, improving its Lightning protocol and expand its business as a major operator and liquidity provider.
Commenting on the investment, Nicolas Debock, managing director at Idinvest Partner, said: “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.”
State-owned bank taking interest in Bitcoin
The investment grabbed attention because of the backing received from a state-owned bank. Unlike other blockchain-startups, ACINQ’s products make transactions with Bitcoin efficient, which ultimately promotes the mainstream acceptance of crypto.
“Cryptocurrency’s potential is becoming more and more obvious. In this area where there is still much to explore and build, Bitcoin provides a platform for experimenting and implementing that is second to none,” Véronique Jacq, director of investments at Bifrance, said. “Lightning is its most promising scalability solution and we’re happy and proud to help and partner with ACINQ, a French company that is one of the world leaders of this new technology.”
ACINQ is extensively working on the Lightning network and is known for its Eclair Lightning network implementation and mobile wallet app. The company is also working on a business-focused API called Strike to accept lightning network Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.
“In a context of currency wars and negative interest rates, Bitcoin’s value proposition —a free, independent currency with an issuance policy set in its protocol— is impossible to ignore. All that it needs to achieve its goals is a sound, usable scalability solution,” Kamel Zeroual, a partner at Serena, added.