Visa Partner Non-Custodial Lightning Network Wallet Zap Secures $3.5 Million Funding
The non-custodial Lightning Network wallet Zap has closed a $3.5 million seed round led by Green Oaks Capital, which previously backed Robinhood and Stripe. Morgan Creek co-founder Mark Yusko and Anthony Pompliano also joined the round.
This big development came just months after the payment startup partnered with Visa. Zap currently employs 13 people from all over the world.
Jack Mallers founded zap, and before, the Maller family funded April. Jack’s grandfather helped found the Chicago Board of Exchange (Cboe) and then co-founded First American Discount Corporation with his son.
With this open-source non-custodial wallet, users’ don’t even know they are using bitcoin as they use dollars.
“One of the early use cases for us is content creators. Journalists or video game streamers or adult film actors and actresses, put up profiles backed by our infrastructure, and anyone in the world can tip them,” Mallers, 26 told Forbes.
Zap launched its flagship product Strike, a Lightning native neo-bank that addresses pain points for the mass adoption of crypto. In June, the company announced it was admitted to Visa’s Fast Track program and would be launching its card within a year. Strike rewards and Strike merchant tools would also be coming shortly, he said.