Lightning Network startup Neutronpay is raising $2.25M in seed funding to disrupt legacy payment rails starting in Vietnam and Southeast Asia.
VANCOUVER, British Columbia, Sept. 15, 2022 (GLOBE NEWSWIRE) — Neutronpay, a startup based in Vancouver, Canada and Ho Chi Minh City, Vietnam, which enables consumers and businesses to send and to receive payments on Bitcoin’s Lightning Network, raised $2.25 million in seed funding on June 1, 2022.
The Lightning Network is a “Layer 2” payment protocol that is based on Bitcoin and facilitates instantly settled payments measured in milliseconds, is capable of millions of transactions per second and enables exceptionally low fees, which combined make it the ideal payment network of any kind, period. Lightning has the potential to replace all debit, credit and transfer transactions globally. Because of its interoperability, anyone with a Lightning-enabled app can spend or send funds in local currency to any merchant or person in the world. Online, in-store, cross-border, micro, in real time, Lightning can do it!
The round was led by Hivemind Ventures with additional funding from venture capital firms Republic, Cavalry, Ride Wave, Studio, Iterative, Fulgur Ventures and individual investors Bill Crowley (former Chief Product Officer – Hyperwallet) and Lisa Shields ( Founder and Former CEO – Hyperwallet *Acquired by PayPal).
The funding helped increase headcount in various departments, with a focus on further development of enterprise APIs, which will soon be rolled out to the consumer mobile app, sales and marketing, and compliance.
Founded in 2018 by CEO Albert Buu, Neutronpay is the first Lightning company to initially focus on Vietnam’s 100 million people, with other countries to follow across Southeast Asia.
With a population of 680 million, Southeast Asia’s economy and financial system has grown tremendously over the past 20 years, but with 70% of the population underbanked and 50% unbanked, some 340 million people are still completely excluded from the digital economy.
“Being born and raised in Canada, I was fortunate to be part of the world’s premier financial infrastructure. But I knew that by going to Vietnam, where my parents and the rest of my family are from, I could make a difference by introducing them to the Lightning Network and all that it could bring to the people of the country. Going to Vietnam three years ago was my commitment to follow through on that vision. Setting up the infrastructure for Lightning across Southeast Asia would allow locals to better negotiate with each other and the rest of the world to transact in the region, whether on vacation or doing business. ,Albert Buu was quoted as saying.
Led by a core team with experience in payments, banking, compliance, and previous businesses in the crypto industry, Neutronpay is well suited for the task at hand.
Neutronpay COO Malcolm Weed had this to say:After seeing the local and cross-border payments landscapes of our time at Hyperwallet, Albert and I believe that the Lightning Network will be a payment rail that will be used in our daily lives, whether you’re grocery shopping, sending funds to abroad to a family member or pay for movie tickets online. We’ve had amazing conversations year-to-date with a wide variety of global companies, not just in Southeast Asia, who want to take advantage of our APIs. They like the fact that the Lightning Network will support Bitcoin payments, but also USD stablecoins by Q4 2022, as well as the ability to send fiat payments without being exposed to Bitcoin volatility. while benefiting from the advantages of the payment rail. Over the next few quarters, we’ll be sharing our progress with everyone as we integrate multiple business use cases using Lightning..”
The Lightning Network has seen phenomenal growth since the fall of 2021, when El Salvador launched its national Bitcoin wallet with Lightning integration so users could spend instantly at merchants across the country. Twitter followed with Lightning tip, Cashapp launched Lightning in January 2022, and Robinhood announced plans in April to launch Lightning as well. This makes sense given that co-founders and CEOs Jack Dorsey (Twitter, Block/Cashapp) and Vald Tenev (Robinhood) were early investors in Lightning Labs and believe in the future of the Lightning Network.
If you are a business that has payments as part of your operations, you should reach out to understand how the Lightning Network can add value to your existing workflow. [email protected]neutronpay.com
And if you’re a consumer, please add your details to our waiting list so you’ll be first in line to access the mobile app when it’s available in your country. https://neutronpay.com/app/
Below is a list of Neutronpay services or checkout www.neutronpay.com
Neutronpay API: Businesses can easily connect through the API to leverage our Lightning infrastructure to accept payments and send payments.
Neutronpay Mobile App: Consumers can now accept, send, and spend on the Lightning Network, whether selling goods and services in person, e-commerce, cross-border transfers, or simply paying a friend back for lunch.
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