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El Salvador Bitcoin Beach Wallet Creators Raised $ 3 Million Funding – CVBJ

Important facts:

Galoy focuses on Bitcoin financial solutions for communities, businesses and governments.

Bitcoin Beach Wallet was also known to add URL addresses for payments through Lightning.

The Galoy platform, a startup focused on developing Bitcoin (BTC) financial solutions, closed a $ 3 million “seed capital” funding round this Wednesday, December 15th. The company is the creator of Bitcoin Beach Wallet, one of the Bitcoin wallets and the Lightning Network that are popular in the El Zonte community of El Salvador.

According to an official statement, several hedge funds from the US and UK participated in the first roundas well as some “angel investors”. In addition, he assures that the seed capital will be used to “accelerate the adoption of the Lightning Network” through Galoy’s “bitcoin banking” model.

The startup explains on its website that its platform was designed “as an open source community banking solution based on Bitcoin,” whose proof of concept focused on the needs of merchants and community members in El Zonte. It states that it is based on a shared custody through multiple signature model that tries to be an intermediate point between custody and non-custody wallets.

“Galoy’s suite of solutions enables any community, company or government to offer banking services with Bitcoin and Lightning,” the statement said. They claim that the Bitcoin Beach Wallet helped “inspire the adoption of Bitcoin by the nation-state in El Salvador”.

In a recent interview with CriptoNoticias, Galoy CEO Chris Hunter said that The next step for the company will be to set up a banking institution with Bitcoin as its primary currency. The development will be part of the Bitcoin Beach project in El Salvador.

Bitcoin Beach Wallet already has LNURL addresses for Lightning payments

On the other hand, the Bitcoin Beach Wallet was known to have added an implementation of the Lightning address protocol and LNURL. This improvement allows wallet users to create a static address in an email-like format to receive payments from the Lightning Network.

As CriptoNoticias reports, the main benefit of the protocol is more privacy and ease of use, as it is Addresses are human readable and do not require disclosure of the associated public wallet address. Plus, you don’t have to create Lightning invoices to request payments.

The implementation developer, who introduces himself on social media as @fiatjaf, announced in a tweet that “every Bitcoin Beach Wallet user now has a Lightning Address QR code and a static lnurlpay code that they can print out and use Selling his stuff can use. in El Zonte ».

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