Wednesday, January 19

Creators of Bitcoin Beach Wallet in El Salvador obtain financing for USD 3 million

Key facts:
  • Galoy focuses on bitcoin finance solutions for communities, businesses, and governments.

  • It was also known that Bitcoin Beach Wallet added url-type addresses for payments via Lightning.

The Galoy platform, a startup focused on the development of bitcoin (BTC) financial solutions, closed on Wednesday, December 15, a financing round of “seed capital” for USD 3 million. The company is the creator of Bitcoin Beach Wallet, one of the bitcoin wallets and Lightning Network spread in the community of El Zonte, in El Salvador.

According to official statement, several hedge funds from the US and UK participated in the initial roundas well as some “angel investors.” In addition, he assures that the seed capital will serve “to accelerate the adoption of the Lightning Network” through Galoy’s “Bitcoin banking” model.

On its website, the startup explains that its platform was designed “as an open source community banking solution based on bitcoin,” whose proof of concept focused on the needs of merchants and community members in El Zonte. It states that it is based on a joint custody model through multi-signature, which seeks to be an intermediate point between custody and non-custodial wallets.

“Galoy’s suite of solutions enables any community, business or government to offer banking services using Bitcoin and Lightning,” the statement said. They claim that the Bitcoin Beach Wallet contributed “to inspire the adoption of Bitcoin by the nation-state in El Salvador.”

In a recent interview with CriptoNoticias, Galoy’s CEO Chris Hunter said that the next step for the company will be to develop a banking institution with bitcoin as its main currency. The development will be part of the Bitcoin Beach project in El Salvador.

Bitcoin Beach Wallet already has LNURL addresses for Lightning payments

On the other hand, it was known that the Bitcoin Beach Wallet added an imLightning Address Protocol and LNURL Implementation. This enhancement allows wallet users to create a static address, in an email-like format, to receive payments from the Lightning Network.

As reported by CriptoNoticias, the main advantage of the protocol is greater privacy and ease of use, since addresses are human readable and do not require disclosure of the associated wallet public address. Also, you don’t need to create Lightning invoices to request payments.

The developer of the implementation, who introduces himself on social media as @fiatjaf, announced in a tweet that “each Bitcoin Beach Wallet user now has a Lightning Address QR code and a static lnurlpay code that they can print and use to sell their things in El Zonte.”