Mash, the Lightning Network startup, has announced it has raised $6 million in seed funding. The expansion of the team in various areas such as engineering, marketing, sales and business development also remains a focus in addition to implementing the go-to-market strategy.
According to the official Blog Post, the investment round was led by Castle Island Ventures and Whitecap Venture Partners, while the other participants were Maple VC, Strategic Cyber Ventures, Aquanow and Spacecadet Ventures. It also featured several angel investors such as Amjad Masad, Balaji Srinivasan, Austin Hill, John Pfeffer and Dean Skurka.
Once developed, Jared Nusinoff, founder and CEO of Mash, said that Bitcoin and LN offer an opportunity to transform the “fabric of the entire online experience” and explore new business models that reward and incentivize.
Nick Carter, general partner at Castle Island Ventures, who also led Mash’s pre-investment, will join the startup’s board of directors. In a statement, a popular Bitcoin proponent said:
“Today, the monetization of online content is severely disrupted. As a scalable, data-efficient, and highly granular system, Bitcoin’s Lightning Network is uniquely suited to solving this problem, and Mash makes good use of it. We have doubled our commitment to Mash and look forward to continuing the journey with the team.”
Russell Samuels, a partner at Whitecap Venture Partners, will also sit on Mash’s board of directors as an observer.
Founded in 2021, Mash recently released a beta version of its first product that allows web apps as well as creators to charge based on access/use. It also allows you to add a consumer digital wallet with a code snippet. The company is currently in the process of onboarding several partners.
The Growing Power of the Lightning Network
Since its introduction to the Bitcoin mainnet in 2018, the Lightning Network has continued to maintain an upward trajectory. Despite the ongoing bear market, this week its capacity hit an all-time high of over 3949 BTC. data from Bitcoin Visuals showing that the Tier 2 architecture continues to increase transaction speeds while significantly reducing fees.
Despite a slight hiccup in April, LN is growing in parallel with the global adoption of the cryptocurrency.
Further evidence of the expansion of LN adoption is the integration of digital payment platform Strike with Shopify to allow the latter’s merchants in the United States to use a layer 2 scaling solution for faster and cheaper bitcoin payments. Popular cryptocurrency payment provider BitPay has also announced the addition of the Lightning Bitcoin network to its platform.
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Credit : cryptopotato.com