Galoy, which develops bitcoin-native banking software, has raised $4m in funding to further its open source core bitcoin banking platform.
Galoy’s bitcoin-native banking software enabling organisations to plug into the Lightning Network and launch bitcoin banking services.
Hivemind Ventures led the investment round with participation from Valor Equity Partners, Timechain, El Zonte Capital, Kingsway Capital, Trammell Venture Partners, AlphaPoint and other leading Bitcoin investors.
The GaloyMoney open source core banking platform includes a secure backend API, mobile wallets, point of sale apps, an accounting ledger and administrative controls.
According to Galoy, the platform significantly reduces the development burden of building on bitcoin.
Companies, cities, community projects and countries using the Galoy platform can customise, deploy and contribute to a range of features, including a web wallet for use in-browser across devices and merchant point of sale applications for accepting bitcoin.
Max Webster, founder of Hivemind Ventures, sees open source bitcoin banking as an important driver of global bitcoin and Lightning adoption. He said, “Galoy dramatically lowers the barrier for any community or organisation to become their own bank and plug into the world’s first open monetary and payments standard.
“Because it’s open source, Galoy’s platform benefits from a flywheel effect that can make it the Schelling point for banking software: each new customer’s implementation improves the security, reliability, and capability for all present and future customers. Hivemind is proud to partner with Galoy as it promotes a flowering of community banks around the world and accelerates the adoption of bitcoin and the Lightning Network by 8 billion people.”
Bitcoin savings app Relai recently collected €1.2m in private funding, ahead of its crowdfunding campaign. The investment was led by Redalpine, with commitments also coming from Polytech Ventures, Fulgur Ventures and ACE & Company. The company’s aim to make buying bitcoin easier and quicker.
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