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Taro is a new protocol developed by the company that allows stablecoins to be transferred and received through the Bitcoin Lightning Network.
Lightning Labs, a Bitcoin (BTC) software company, has raised a significant amount of money to enable and further develop the Lightning Network, which allows for faster and cheaper Bitcoin and stablecoin transactions.
Valor Equity Partners led the $70 million Series B investment round, including Baillie Gifford, Goldcrest Capital, and numerous additional angel investors. Lightning Labs develops new features and software for Bitcoin's layer-2 transaction solution, the Lightning Network (LN).
According to sources, the funds would be invested in a new protocol dubbed Taro, which will allow stablecoins to be transferred via the LN.
Stablecoins will not be issued by Lightning Labs, but the technology will allow them to be transmitted over the network.
The Bitcoin Taproot upgrade in November 2021, which also added smart contract features, enabled stablecoin transactions.
Taro, according to the company, will help to increase Bitcoin acceptance by allowing the unbanked in developing countries to send money using stablecoins.
“That’s incredibly significant because the potential here is for all the world’s currencies to route through Bitcoin over the Lightning Network,” Elizabeth Stark, CEO, and co-founder of Lightning Labs, told Forbes. She went on to say to Tech Crunch:
“If I were Visa, I’d be scared because there are a lot of people out there that have mobile phones but now don’t need to tap into the traditional system.”
Lightning Labs raised $10 million in Series A financing in September, following a $2.5 million seed round in 2018.
El Salvador, the first jurisdiction to make Bitcoin legal tender, is now using the LN extensively. It has also been implemented on Strike’s payment platform and the Twitter tipping service. The current network collateral is 3,693 BTC, worth about $167 million, a 5.8% rise over the previous month.
Stablecoins have become an essential aspect of the digital currency ecosystem, and they are steadily gaining acceptance from regulators throughout the world. The UK’s Economic and Finance Ministry is the latest to approve fiat-pegged assets, with plans to change the existing regulatory framework to include stablecoins as a payment option.