By Shelly Melancon (Switzerland)
Galoy, a firm dedicated to making Bitcoin usable as a scalable and cost-efficient payment solution, has raised $3 million in a seed round to enable it to scale up its operations and serve more communities and institutions. The American-based firm created the Bitcoin Beach wallet for El Zonte, an El Salvadorian coastal community. The wallet was created to facilitate the Bitcoin Beach project, which aimed to create a Bitcoin community.
Details Of The Fund
The wallet, which launched in October last year, has over 6000 users. Nayib Bukele, President of El Salvador, has cited the project in El Zonte as an inspiration for the country’s adoption of Bitcoin as an acceptable means of payment. The Bitcoin Beach wallet differs from Chivo, the one championed by the government. Despite the fact that they both use the Layer 2 solution Lightning Network, Bitcoin Beach is open-source.
The recently concluded seed round saw support from venture capital companies in San Francisco, Texas, Delaware, and London, amongst others. Individuals were not left out. The company also saw support from an author, an angel investor, and even a former Major League Baseball player. With the funding, Andrew Begin, Marketing Director at Galoy, revealed that the company hoped to increase its reach.
Already, the firm seems to have started a movement. Its codes were used to create a wallet to facilitate the Bitcoin Jungle project in Costa Rica. The Guatemala-based project Bitcoin Lake uses the original Bitcoin Beach wallet with no iterations.
Also read:The marketing director disclosed that the company is evolving. He said that the Bitcoin Beach wallet is becoming an independent entity with regional leadership. Begin didn’t identify specific institutions or communities interested in using the technology at the time.
The company, in a statement, revealed that its solutions are created to make financial intermediary services easy with Bitcoin. It reveals that the open-source nature of its code opens up access to these tools for other developers. The company also offers direct financial intermediary services.
Begin revealed that Galoy remains committed to providing the technological tools and framework to make what happened in El Zonte replicable in other places. Begin disclosed that the company was trying to expand its capacity to make this possible. Through initiatives like this, Bitcoin as a payment solution may become possible.
Bitcoin Adoption And Support
Bitcoin remains the primary cryptocurrency by market capitalization. 2021 has been a good year for the token, October saw the token reach an ATH of $69k. The token has received a lot of interest from institutions that see potential in its deflationary nature and limited supply.
It has allowed many Bitcoin-backed products like ETFs to be approved and welcomed in various places. In the United States, however, spot Bitcoin ETFs have yet to be approved. The support futures ETFs have received shows that there is massive interest, though.
Many investors have come out to express their preference for Bitcoin over gold as a hedge against inflation. The high cost of fees and slow transactions compared to other networks, however, made everyday payments using the token a little impractical. The Lightning Network has changed that, however, and Block CEO has backed the crypto to replace the dollar.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.