Galoy Raises $ 3 Million Starting Round to Help Communities and Institutions Use Bitcoin as Money, Business News
Craft Ventures is joined by Kingsway Capital, Trammel Venture Partners and Balaji Srinivasan to accelerate the rollout of Lightning Network through the open source bitcoin banking platform Galoy.
MIAMI, Dec 16, 2021 / PRNewswire / – Galoy, developer of the Bitcoin banking software and creator of the Bitcoin Beach Wallet in The saviour, has closed a $ 3 million Seed round.
The suite of Galoy solutions enables any community, business or government to offer banking services with Bitcoin and Lightning.
Co-founder and CEO Nicolas Burtey believes that Bitcoin is the base layer for the financial system of the future:
“The Bitcoin protocol offers an open and internet-native alternative to the closed and approved traditional financial system. We designed Galoy to help any community or institution adopt this novel standard and connect to the world’s leading currency network. ”
Co-founder and President Chris Hunter says Galoy is lowering the barrier to entry associated with starting a bank:
“Twenty years ago it was costly and cumbersome to start a software company. Today this can be done easily, quickly and inexpensively – thanks to the widespread acceptance of cloud computing offers.
Galoy is committed to changing the world of financial services in a similar way. In the years to come, our customers will be able to bring full-service Bitcoin banking solutions to market with little more than the push of a button. ”
Lead Seed Round Investor Brian Murray, COO and partner at Craft Ventures, states:
“We are witnessing how Lightning accelerates the development of Bitcoin from a speculative asset to a conventional means of payment. Galoy is building a platform that will make it easy for anyone around the world to use Bitcoin for money. ”
Manuel Stotz, Founder of Kingsway Capital said:
“Galoy invents bitcoin tools at the interface of SaaS and frontier markets. The team already has a successful proof of concept in The saviour. This can serve as a model for leading companies in emerging markets. ”
Galoy’s proof of concept, the Bitcoin Beach Wallet, helped inspire the adoption of Bitcoin by nation states The saviour. Findings from the project were recently published in the article “Bitcoin Banking for Communities: Lessons Learned from Bitcoin Beach”.
The platform was developed for a wide variety of customers. Examples include:
- Communities: cities, religious organizations, charities – enable the creation of a circular bitcoin economy, both locally and globally
- Governments: Cities, Countries, Authorities – Providing 21st Century Financial Services Directly to Their Citizens
- Corporations: banks, retailers, consumer goods companies – offer their retail customers novel Bitcoin experiences
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. Galoy also offers hosted Banking-as-a-Service (BaaS) solutions for those looking for fully managed implementations and support. The complete code base is open source and is available for everyone to view, review and use on GitHub.
In addition to the investors mentioned above, the participants in the seed round also include Fulgur Ventures, Bitcoiner Ventures and well-known Angels Vijay Boyapati and Brad Mills.
“We believe that Bitcoin is one of the most important technologies that mankind has ever invented,” added Hunter. “The Galoy team is proud to be at the forefront of the launch and excited to bring Bitcoin to the first billion people.”
Galoy makes it easy for any community or institution to offer financial services on Bitcoin. Galoy’s open source Bitcoin banking platform includes a secure backend API, mobile wallets, point of sale apps, compliance tools and administrative controls. Galoy’s proof of concept, the Bitcoin Beach Wallet, helped create a circular Bitcoin economy that inspired the nation-state adoption of Bitcoin as legal tender The saviour. Learn more at galoy.io.
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