An oversubscribed investment round headed by ego death capital and Entrée Capital helped Breez, a Lightning Network solution service provider, raise $4.5 million. Hivemind Ventures, Fulgur Ventures, Hawk Digital Innovation, and Bitcoiner Ventures are a few additional industry funds involved with raising capital for this round.
Breez CEO Roy Sheinfeld stated that “our goal remains to bring Lightning to the masses, as it was on day one. LaaS (Lightning as a Service) is a natural evolution towards that goal. Conceptually, it’s the best way to scale Lightning globally without sacrificing the values and attributes that make Bitcoin history’s ultimate currency.”
General partner at ego death capital Jeff Booth added that “Roy and his team are some of the top Lightning developers on the planet. In addition, Roy’s critical thinking skills and execution ability have us super excited to back Roy and his vision of making LaaS a reality.”
Lightning is a Layer 2 solution built on top of the Bitcoin network and offers almost immediate payment transfer at significantly lower costs. Many of the issues that Bitcoin skeptics point out have been claimed to be resolved by the technology. Others in the community are still adamant that it is the best scaling solution at this time.
Breez began as a Lightning client, offering products including a native podcast player and a Lightning point-of-sale system.
Through its non-custodial Lightning SDK, Breez is now focused on the objective of decentralizing the creation of new Lightning-based apps and use cases. Breez aims to demonstrate that Lightning is the Layer 2 solution for scaling Bitcoin in order to increase adoption through its commercial offerings.