Stroom Network Raises $3.5 Million in Seed Funding
Stroom Network, a “liquid staking” protocol for Bitcoin’s Lightning Network, has successfully raised $3.5 million in a seed funding round. The funding was led by Berlin-based crypto investment firm Greenfield, with participation from other notable investors.
Key Points:
- The funding will be used for team expansion and launching Bitcoin “liquid staking” on Lightning, including the release of an Ethereum-based wrapped token, lnBTC.
- The Lightning Network is a second-layer solution built on top of the Bitcoin blockchain, designed for fast and low-cost transactions.
- Stroom’s protocol allows users to leverage their bitcoin capital on both the Lightning Network and Ethereum, offering routing fees and yield opportunities.
- Stroom aims to provide an easy way for users to earn Lightning routing fees and contribute to Bitcoin’s scalability.
- The Stroom protocol combines decentralized, transparent, and secure solutions, powered by multi-party computation (MPC) technology.
Hot Take:
Stroom Network’s successful seed funding round demonstrates the growing interest and potential in the Lightning Network. By bridging Bitcoin and Ethereum, Stroom offers users the opportunity to maximize their capital and participate in the evolving DeFi ecosystem. With its focus on liquidity and scalability, Stroom aims to play a significant role in the future of decentralized finance.
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