Key Takeaways
- Lightning Labs has unveiled Taro, a brand new protocol aiming to permit carry stablecoin performance to Bitcoin Layer 2.
- Lightning Labs CEO Elizabeth Stark has introduced a $70 million Sequence B increase along with a brand new product.
- Members within the funding spherical included Valor Fairness and Baillie Gifford.
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Lightning Labs CEO Elizabeth Stark has introduced the launch of Taro, a brand new Lightning Community protocol designed to help stablecoins. Lighting Labs has additionally closed a $70 million Sequence B increase let by Valor Fairness Companions and Baillie Gifford.
Lightning Labs to “Bitcoinize the Greenback”
Stablecoins are coming to Bitcoin Layer 2.
Lightning Labs’ CEO Elizabeth Stark has unveiled its imaginative and prescient for a brand new product referred to as Taro, or Taproot Asset Illustration Overlay), which is able to try and broaden the variety of belongings obtainable to transact on the Lightning Community to incorporate stablecoins. Stark introduced the protocol in a Tuesday Medium post, explaining that Taro goals to “Bitcoinize the greenback.”
Taro is constructed on Lightning Community, a Layer 2 protocol that permits high-speed transactions on the Bitcoin blockchain by opening cost channels between addresses. As soon as a channel is opened, customers are capable of freely transact with each other till the channel is closed, at which level the transactions are in the end settled on the Bitcoin blockchain.
Lightning Labs has launched the technical specifications for Taro as a Bitcoin Enchancment Proposal (BIP) as a way to supply group enter because the protocol is developed.
Stark defined that Taro is barely potential attributable to final yr’s Taproot improve, which launched quite a few vital enhancements to the Bitcoin protocol. Taken collectively, the modifications launched in Taproot have allowed builders to construct extra complicated, sensible contract-driven purposes on prime of the Bitcoin blockchain.
Taro’s unveiling was accompanied by an announcement that Lightning Labs had raised $70 million in a Sequence B funding spherical led by Valor Fairness and Beillie Gifford. Different distinguished buyers embody Kingsway, Goldcrest Capital, Brevan Howard, and Moore Strategic Ventures.
Stark has mentioned that the funds might be used to develop Lightning Community and develop the corporate.
Disclosure: On the time of writing, the writer of this piece owned BTC and a number of other different cryptocurrencies.
