On Wednesday, Galoy, the firm behind El Salvador’s Bitcoin Beach Wallet, announced that the company raised $4 million in funding.
Fintech Firm Galoy Raises $4 Million, Startup Introduces Bitcoin-Backed Synthetic Dollar Product
The founder of Hivemind Ventures, Max Webster, believes open source bitcoin banking is very important in order to bolster the global adoption of technologies like the Lightning Network. “Galoy dramatically lowers the barrier for any community or organization to become their own bank and plug into the world’s first open monetary and payments standard,” Webster explained in a press statement.
This enables dollar-equivalent USD accounts inside of Lightning wallets, solving one of the biggest problems for people using bitcoin for everyday transactions: short-term exchange rate volatility.
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