Galoy Launches Bitcoin-Backed Synthetic Dollar Pegged to the U.S. Dollar
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Notable Bitcoin Investors Participated in Galoy's Investment Round
Hivemind Ventures served as the funding round's lead investor. Still, Alphapoint, Valor Equity Partners, Timechain, El Zonte Capital, Kingsway Capital, and Trammell Venture Partners also contributed to the most recent round of funding. According to Galoy, "other notable bitcoin investors" participated in the investment round. Max Webster, the founder of Hivemind Ventures, thinks open source Bitcoin banking is essential to advancing the widespread adoption of innovations like the Lightning Network. Nicolas Burtey, the creator of Galoy, firmly believes that LN will dominate BTC payments in the future.
"It's no secret that Bitcoin and Lightning are disrupting traditional finance," Burtey remarked during the fundraising announcement.
Galoy Unveils Stablesats
Galoy announced the fundraiser and the release of Stablesats, a brand-new product. Stablesats is one of the most recent products to be added to the cryptocurrency payment platform, according to a blog post by Galoy.
"An alternative to stablecoins or fiat bank integration, Stablesats uses derivatives contracts to create a bitcoin-backed synthetic dollar pegged to USD,"
The Stablesats product includes a webpage that details what it is and how to use the technology in great detail. Github is where you may find Galoy's open-source code for Stablesats and its other products. In particular, Stablesats "produce synthetic USD using an instrument called perpetual inverse swap," The team notes there are "additional fascinating paths to pursue."