Bitcoin Lightning Network-Focused Startup Acinq Secures $1.7 Million Funding Round
A Lightning Network Startup Closes $1.7 Million Funding Round
The Lightning Network has been a major catalyst for change in the cryptocurrency world, especially for developers. However, this technology hasn’t kept its performance and support a secret, which is why some investors are take notice.
There are multiple startups on the network, but Acinq has easily taken a place as one of the leaders, working at the top-level layer to improve the scalability of Bitcoin. In their efforts, they sought out support through a funding round, which brought in $1.7 million.
The funding round was led by Serena capital, but there was support from Bertrand Diard (co-founder of Talend), Sebastian Lucas, Alistair Milne, and Yves Weisselberger (founder of Snapcar). Now, because of that success, Lighting Labs isn’t the only one that can bring in a profit for the work that they do for the Lightning Network.
Acinq was launched a few years ago, but they’ve been one of the biggest participants in the progress for the design and creation of lightning.
They are responsible for creating Éclair, which is a software program that works alongside the implemented protocols from Lightning Labs and Blockstream. Even with everything they’ve done, their team is composed of a measly three people. Co-founder and CEO Pierre-Marie Padiou said,
“Everything that we did was done with very little. With this raise, we’re very excited to do a lot more with more resources. We’ll be able to make even more cool services for lightning. This is not only good for us but for lightning in general and for pushing adoption forward.”
Along with the ability to develop more on the network, Acinq is planning to bring in at least three more “highly technical” developers over the next few months. Even though they’ve made plenty of progress, there are still many choices and developments to be made to ensure that the network is both safe and user-friendly.
Ultimately, the technology should reach a point where it can be used for improved scalability and have enough power that even the uninterested investors will be able to use it.
To push along these efforts, Acinq wants to work with other developers to improve Lightning standards. Padiou had the opportunity to peak at the second Lightning Network protocol summit, where the company noted that the developers are the ones that have to push technology to the next level. Acinq will be part of building lightning wallets that are compatible with both desktop and mobile software, which may include the “Strike” API that they just launched for payments.
All progress is good progress, but is that enough? It is still unclear if the efforts that Acinq is making is enough to boost their reputation from it’s current supporting player level. It is easy to get hidden in the mix, but Padiou believes that Acinq has the strongest focus on improving easy-of-use for lightning technology.
He commented, “We have a huge focus on the users. We were the first to put out a mobile application because we think it’s vital to have normal users use lightning, to see what they would be able to do in the real world.” The cryptocurrency world is filled with different wallets on different platforms, but Padiou strongly believes that their Éclair wallet is the “most advanced.” He added, “If we had to choose between new features and UX, we would always put the priority on UX.”
The fact that the Lightning Network has gained enough traction to make it a worthwhile investment to the industry is a good sign. Padiou said that their company is “very excited” for what’s to come, adding, “Seeing that groundwork come to fruition in real life by users and businesses is really rewarding. This is a great moment.