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Apr 5, 2022
Lightning Labs Announces New Taproot-Powered Protocol Taro
Lightning Labs has announced a new protocol called Taro in a blog post dated April 5. Lightning Labs Business Development Lead Ryan Gentry broke the news of the Taproot-powered protocol. The announcement came with news of a successful $70 million Series B funding round backed by Valor, Baillie Gifford, Goldcrest, Kingsway, Stillmark, Brevan Howard, NYDIG, and others.
Lightning Labs' Taro Protocol to Enable Stablecoin Transactions
Harnessing the security and stability of the Bitcoin network along with the speed, scalability, and low fees of the Lightning network, the Taro protocol will make stablecoin transactions on the Bitcoin network possible. Developers will be able to issue digital assets on the Bitcoin network before moving them to the fast and scalable Lightning network. They will also be able to integrate such assets, with Bitcoin, in both on-chain and Lightning apps.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Tukiya is an IT student and blockchain enthusiast. She writes about all things blockchain, from cryptocurrencies and DeFi to NFTs and Web3.