Lightning Labs has raised USD 10 million in Series A financing as it prepares to launch its first paid service for merchants looking to accept Bitcoin payments.
The startup also launched a mobile wallet app in June 2019, and as of press time the company is offering a paid service called Lightning Loop. The service aims to help merchants manage their payment channels, which need to have Bitcoin in them in order to stay open; it works similar with a prepaid card for a lightning account.
This service, which will charge a small percentage of each full loop, helps merchants and exchanges maintain liquidity in the channels. The startup aims to distinguish itself from similar offerings by becoming an ‘infrastructure provider’ to other startups, according to CoinDesk.
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