Tether leads $8M funding for Lightning startup focused on stablecoins
Tether led an $8 million investment round in Bitcoin startup Speed to enhance stablecoin transfers on the Lightning Network.Summary
Stablecoin giant Tether, alongside Ego Death Capital, spearheaded an $8 million investment round in the Bitcoin startup Speed. Speed utilizes the Bitcoin Lightning Network to facilitate USDT transfers, aiming to enable more enterprise stablecoin payments on the layer-2 network. Tether's CEO, Paolo Ardoino, stated that Speed's architecture proves how Lightning and stablecoins can work together for high-scale, low-fee global transactions with strong compliance. Speed currently serves over 1.2 million users and processes over $1.5 billion in annual payment volume. This investment aligns with Tether's strategy to support Bitcoin-focused payment platforms and expand the utility of USDT, adding to the over 140 companies Tether backs using profits generated primarily from interest on its US Treasury bill reserves.
(Source：Cointelegraph)