The Lightning Network startup received $8 million from a French state-owned bank. The news was confirmed by the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details company ACINQ through a press release.
Financing Lightning Network
ACINQ said it would use the money to improve Lightning protocols and expand its own business operations. Funding came from Idinvest Partners, a sponsor specializing in small and medium-sized European businesses. Another involved member was the investment bank Bpifrance, set up by two French public entities.
The government has come close to direct Bitcoin financing amid a softening of its position regarding cryptocurrencies. Veronique Jacq, Digital Investment Director of Bpifrance, noted:
"The potential of cryptocurrencies is becoming increasingly apparent. In this area, where much remains to be learned and built, Bitcoin provides an unparalleled platform for experimentation and implementation. Lightning is the most promising scalability solution, and we are happy and proud of helping and collaborating with the French company ACINQ, one of the world’s leaders in this new technology."
Hyperinflation, poverty, lack of jobs, lack of access to banking, lack of capital, and poor access to markets are some of the problems that cryptocurrency and blockchain can solve.