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Bitcoin Beach wallet maker raises $ 3 million

The creator of the Bitcoin Beach Wallet in El Salvador has raised $ 3 million in a new round of seeds, the company said in a statement on Wednesday. Galoy, a bitcoin banking software developer, worked closely with the Bitcoin Beach community to help them use BTC as money for daily transactions, backed by the Lightning Network.

“The suite of Galoy solutions enables any community, company or government to offer banking services with Bitcoin and Lightning,” the statement said.

Kingsway Capital, Trammell Venture Partners and Balaji Srinivasan joined the company to accelerate the rollout of Lightning through the company’s open source Bitcoin banking platform.

“Galoy invents Bitcoin tools at the interface of SaaS and Frontier Markets,” said Kingsway Capital founder Manuel Stotz in a statement. “The team has already produced a successful proof of concept in El Salvador. This can serve as a model for leading companies in emerging markets. “

Craft Ventures led the funding. Fulgur Ventures, Bitcoiner Ventures, Vijay Boyapati and Brad Mills took part in the seed round.

“We’re seeing Lightning accelerate Bitcoin’s evolution from a speculative asset to a conventional payment route,” said Brain Murray, COO and partner at Craft Ventures, in a statement. “Galoy is building a platform that will make it easy for everyone in the world to use Bitcoin as money.”

Galoy’s pilot product, the Bitcoin Beach Wallet, served as the inspiration for El Salvador’s move to introduce Bitcoin as legal tender. The company said its opinionated Bitcoin banking platform could be used by communities, governments and companies trying to capitalize on the hardest money in the world.

“The Galoy tech stack includes comprehensive functions for starting a Bitcoin bank: a secure backend API, mobile wallets, point-of-sale apps, compliance tools and administrative controls,” the statement said. “Galoy also offers hosted ‘Banking-as-a-Service’ (BaaS) solutions for those looking for fully managed implementations and support.”

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