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One of the Main Developers of Bitcoin Lightning Network Raises $8M

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One among the developers of Bitcoin’s Lightning Network has received funds amounting to $8M from partners, which includes a bank partially owned by the government of France.

On October 9, there was news reporting that Bitcoin Technology Company ACINQ has acknowledged receiving a fresh boost of investment; with this, the total raised fund comes to $10M. The investment came from Idinvest Partners, the main contributor and also a share of the fund came from Bpifrance, an investment bank founded by two public bodies of France.

Over the years, the stance of the French government towards Bitcoin has softened. The French state’s direct funding to improve Bitcoin is one of the visible signs of government support for cryptocurrency. Digital investment director of Bpifrance, Véronique Jacq, said,

“Cryptocurrency’s potential is becoming more and more obvious. In this area where there is still much to explore and build, Bitcoin provides a platform for experimenting and implementing that is second to none. […] Lightning is its most promising scalability solution and we’re happy and proud to help and partner with ACINQ, a French company that is one of the world leaders of this new technology.”

ACINQ proposes to use the fund to upgrade the Lightning protocol along with expanding its commercial operations.

Samson Mow, chief security officer of another Bitcoin technology firm Blockstream, says that,

“Lightning has to grow organically, there’s no real way to jumpstart it artificially. People need to open up channels, lock up Bitcoins and start connecting with other nodes.”

Lightning Network is a system that is being built on top of Bitcoin. This will help in the instant transaction of payments and also bring down the transaction charges by keeping them away from the main network. It also helps in making Bitcoin more accessible and user-friendly in day to day dealings.

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