This week, one of the main lightning network developers, ACINQ announced that it successfully secured $10 million in funding to further the company’s aspirations. Interestingly, ACINQ received funding from a myriad of financial institutions. The news showcases further Lightning Network expansion, as well as, a push from traditional financial institutions into the crypto sector.
News of the successful crowdfunding venture came via an ACINQ post. In the post, the company explained the history of Bitcoin. The firm then described the goal of the Lightning Network and why it is such a pivotal piece of crypto adoption.
Additionally, the post revealed some of the recent contributors to the project. The list of investors is anything short of impressive. For example, a national bank – Bpifrance is a contributor.
Bpifrance – Investment Bank on ACINQ
Bpifrance is a national French investment bank. Importantly, the firm is a major financial institution in the country. Its participation in the Lightning Network’s development shows that French officials are ready to become major players in the blockchain sector.
Bpifrance offers a myriad of products including loans, equity investments, and insurances. The company even offers consulting services to businesses seeking to overcome challenges in the market.
Speaking on the decision to invest in the Lightning Network, Bpifrance digital investment director, Veronique Jacq took a moment to speak on the current state of the crypto market’s development, and how the benefits of blockchain technology are more evident than ever before.
Jacq explained why the innovative nature of Bitcoin is important to the future economy. She also took a second to touch on the Lightning Network’s role. Jacq described the Lightning Network as the most promising scalability solution to date. She ended her statement with praise for ACINQ’s accomplishments so far.
Idinvest Believes in ACINQ
Another major investor in ACINQ is the financing firm Idinvest. The company specializes in providing funding to EU businesses across the entire business cycle.
In the ACINQ post, Idinvest partners Managing Director, Nicolas Debock described the importance of Bitcoin in the digital economy. He explained why the Lightning Network is critical to further adoption. He also touched on the positioning, experience, and innovative stance of ACINQ.
Serena is another well-known firm that participated in the ACINQ funding event. The company has operations in Paris, Singapore, and New York. Serena is known for its core believe that VCs must work for their portfolios. Today, Serena manages a vast portfolio of international business investments.
Serena’s Partner, Kamel Zeroual spoke on the importance of a free and independent financial solution. Zeroual touched on the currency wars currently going on globally and how the world needs an independent alternative. Zeroul stated that Bitcoin is only in need of a sound scalability solution to achieve mass adoption.
ACINQ Makes Surprising Moves
ACINQ plans to use the funds to improve upon the Lightning Network. The company will grow its team and expand operations in the sector as a major developer. You can expect to see more exciting Lightning Network developments coming from this team in the coming weeks.