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Lightning Labs has raised $70 million and announced the launch of the Taro stablecoin protocol. The collected funds will be used to develop and integrate a new digital asset into the Bitcoin Lightning network. The organization said the Series B round was led by Valor Equity Partners with Bailey Gifford. Robinhood CEO Vlad Tenev, venture capital firm Goldcrest Capital and others also took part.
The head and co-founder of Lightning Labs, Elizabeth Stark, said that the project believes that Taro can seriously contribute to the mass adoption of Bitcoin as legal tender throughout the world. Stablecoin integration will allow people who do not have traditional bank accounts to send and receive digital money in the form of stablecoins. This is very important as they will maintain a stable value and will not become subject to market volatility.
According to the entrepreneur, this will be very important for the formation of the new economy. Creating a stable digital currency will expand the bitcoin ecosystem and attract new users who will gain access to this asset class.
Stark says it’s critical that Lightning Labs make financial services available to groups of people who don’t use government products for a variety of reasons.
Earlier, the Crypto.ru editors reported that the creators of the Cash App wallet said that they had integrated Bitcoin payments using the Lightning Network into their application. This service has become available to all US residents. The company assured that they had successfully implemented the possibility of making the fastest and cheapest cryptocurrency payments in the world.
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