Neutronpay, a startup that allows consumers and businesses to send and receive payments on Bitcoin’s Lightning Network, has bagged $2.25m in seed funding.
The round was headed by Hivemind Ventures and saw participation from Republic, Cavalry, Ride Wave, Studio, Fulgur Ventures and Iterative.
According to Finextra, Neutronpay is the first Lightning company with an initital focus on the 100 million population of Vietnam. Additional countries are set to follow throughout South East Asia.
The Lightning Network is a ‘layer 2’ payment protocol which sits atop Bitcoin and facilities instantly settled payments measured in milliseconds and is capable of millions of transactions per second and allows for very low fees.
The funding has supported with additional headcount across various departments, with a focus on further development of enterprise APIs, soon to be rolled out mobile consumer app, sales and marketing and compliance.
Neutronpay CEO Albert Buu said, “Being born and raised in Canada, I’ve been lucky enough to be part of first world financial infrastructure. But I knew that going to Vietnam where my parents and rest of my family are from I could make a difference by introducing them to the Lightning Network and all that it could provide to the people of the country.
“Making the move to Vietnam three years ago was my commitment to following through on this vision. Laying the infrastructure for Lightning across South East Asia would make it very easy for locals to better transact with each other and for the rest of the world to transact in the region whether while on vacation or for doing business,” Albert Buu was quoted as saying.
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