Galoy raises $3 million to help communities and institutions use Bitcoin as currency
Craft Ventures is joined by Kingsway Capital, Trammel Venture Partners and Balaji Srinivasan to accelerate the adoption of Lightning Network through Galoy’s open-source bitcoin banking platform.
MIAMI, December 15, 2021 /CNW/ — Galoy, developer of Bitcoin banking software and creator of the Bitcoin Beach Wallet in El Salvadorclosed a $3 million seed tower.
The Galoy suite of solutions enables any community, business or government to offer banking services using Bitcoin and Lightning.
Co-founder and CEO Nicholas Burtey think Bitcoin is the foundation layer of the financial system of the future:
“The Bitcoin protocol provides an open, internet-native alternative to the traditional closed, permissioned financial system. We created Galoy to help any community or institution embrace this new standard and connect to the world’s first monetary network.”
Co-founder and president Chris Hunter says that Galoy lowers the barrier to entry associated with starting a bank:
“Twenty years ago, it was expensive and time-consuming to start a software business. Today, it’s easy, fast and inexpensive to do so – thanks to the widespread adoption of cloud computing offerings.
Galoy is determined to similarly transform the world of financial services. In the years to come, our customers will be able to launch full-service bitcoin banking solutions at the push of a button.”
Seed round lead investor Brian MurrayCOO and Partner at Craft Ventures, notes:
“We are seeing an acceleration in the evolution of Bitcoin from a speculative asset to a conventional payment rail. Galoy is building a platform that will allow everyone in the world to use Bitcoin as their currency.”
Manuel StotzFounder of Kingsway Capital said:
“Galoy is inventing Bitcoin tools at the intersection of SaaS and frontier markets. The team has already delivered a successful proof of concept in El Salvador. This can serve as a model for emerging market leaders to replicate.”
Galoy’s proof-of-concept, the Bitcoin Beach Wallet, helped inspire nation-state adoption of Bitcoin in El Salvador. Lessons learned from the project were recently published in the article “Bitcoin Banking for Communities: Lessons from Bitcoin Beach.”
The platform is designed for a wide variety of customers. Examples include:
Communities: cities, religious organizations, charities – enabling the creation of Bitcoin circular economies, both locally and globally
Governments: cities, countries, agencies – delivering 21st century financial services directly to their constituents
Enterprises: banks, merchants, consumer product companies – offering new bitcoin experiences to their retail customers
The Galoy technology stack includes comprehensive functionality for launching a Bitcoin bank: a secure backend API, mobile wallets, point-of-sale applications, compliance tools, and administrative controls. Galoy also offers hosted “Banking-as-a-Service” (BaaS) solutions for those looking for fully managed implementations and support. The complete code base is open source and available for everyone to view, audit and use on GitHub.
Besides the aforementioned investors, participants in the round include Fulgur Ventures, Bitcoiner Ventures, and renowned angels. Vijay Boyapati and Brad Mills.
“We believe Bitcoin represents one of the most important technologies ever invented by mankind,” adds Hunter. “The Galoy team is honored to be at the forefront of its adoption and excited to help bring Bitcoin to the first billion people.”
Galoy makes it easy for any community or institution to offer financial services on Bitcoin. Galoy’s open-source Bitcoin banking platform includes a secure back-end API, mobile wallets, point-of-sale applications, compliance tools, and administrative controls. Galoy’s proof of concept, the Bitcoin Beach Wallet, supported the creation of a circular Bitcoin economy that inspired nation states to adopt Bitcoin as legal tender in El Salvador. Learn more about galloy.io.
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