Lightning Network startup Neutronpay raised US$2.25 million in Seed funding June 1

KUALA LUMPUR, Sept 15 (Bernama) -- Neutronpay, a Vancouver, Canada and Ho Chi Minh City, Vietnam based startup that enables consumers and businesses to send and receive payments on Bitcoin’s Lightning Network raised USD$2.25M in Seed funding on June 1. (US$1 = RM4.527)

The Lightning Network is a “layer 2” payment protocol which sits atop Bitcoin and facilitates instantly settled payments measured in milliseconds, is capable of millions of transactions per second and allows for exceptionally low fees, which all combined makes it the ideal payment network of any type, period.

Lightning has the potential to replace all debit, credit and wire transactions globally. Because of its interoperability anyone with a Lightning enabled app could spend or send funds in local currency at any merchant or person worldwide. Online, in-store, cross-border, micro, real-time, Lightning can do it!

The round was led by Hivemind Ventures with additional funding coming from venture firms Republic, Cavalry, Ride Wave, Studio, Iterative, Fulgur Ventures and individual investors Bill Crowley (former Chief Product Officer - Hyperwallet) and Lisa Shields (Founder & former CEO - Hyperwallet *Acquired by PayPal).

The funding has helped with additional headcount across various departments, with a focus on further development of enterprise APIs, soon to be rolled out mobile consumer app, sales & marketing and compliance.

Founded in 2018 by CEO Albert Buu, Neutronpay is the first Lightning company with an initial focus on Vietnam's 100m person population, with additional countries to follow throughout South East Asia.

“Making the move to Vietnam three years ago was my commitment to following through on this vision. Laying the infrastructure for Lightning across South East Asia would make it very easy for locals to better transact with each other and for the rest of the world to transact in the region whether while on vacation or for doing business,” Buu was quoted as saying in a statement.

For more information, visit www.neutronpay.com.

-- BERNAMA