Lightning Labs completed $70 million in Series B financing and launched a new product "Taro Protocol"

This article comes fromThe Block, original author: Ryan Weeks

Odaily Translator | Nian Yin Si Tang

Summary:

This article comes from

, original author: Ryan Weeks

Odaily Translator | Nian Yin Si Tang

secondary title

Summary:

- The Taro protocol aims to "bitcoinize the dollar" by bringing stablecoins to the Lightning Network.

- Its developer, Lightning Labs, announced the completion of a $70 million Series B round led by Valor Equity Partners.

The protocol, called Taro, aims to "bitcoinize the dollar" — pairing the speed of the Lightning Network with the security of Bitcoin and enabling stablecoins to be used in Lightning applications, according to a statement. (such as Jack Mallers' Strike).upgradeFor Stark, most stablecoin usage today occurs in transactions or DeFi settings, not for day-to-day payments. Lightning Labs aims to change that by "making bitcoin accessible to billions of people," she said.

Stark added that a number of large players, including some that have not yet announced plans involving stablecoins, are exploring the use of Taro to issue stablecoins on the Lightning Network.

Taro protocol would not be possible without Taproot. Taproot was a hack on the Bitcoin code last November

upgrade, designed to improve the privacy and security of transactions.secondary title

Money is a means, not an endWhile announcing Taro, Lightning Labs said it closed a $70 million equity-based Series B round led by Peter Thiel's Valor Equity Partners, with Baillie Gifford, Goldcrest Capital, Kingsway, Moore Strategic Ventures, Brevan Howard, Robinhood CEO Vlad Tenev, NYDIG and Silvergate CEO Alan Lane also participated.Notably, both Brevan Howard and NYDIG are doubling down on the Lightning Network. NYDIG helps institutions expand into the cryptocurrency space through a range of custody and trading tools. Last October, NYDIG sold for $300 million

Acquired Lightning Network payment company Bottlepay

; and former Brevan Howard CEO Alan Howard had previously invested in the startup.