Lightning Labs raises $10M & launches beta “Loop” allowing trading off-chain LN BTC for on-chain BTC

posted 8 months ago
Lightning Labs, a San Fran based Lightning development team, raised $10 million in funding. Lightning Labs also launched the beta version of Lightning Loop, a product that allows users to move funds between the Lightning (off-chain) Network and the bitcoin (on-chain) network.

Submarine Swaps are used to exchange off-chain Lightning tokens for on-chain Bitcoin tokens, using a “simple” HTLC to help with atomicity, Using coordinated batched swaps across multiple parties, Loop can offer fine-grained capital liquidity control to a growing array of wallets and services on the network. Though still in its early phase, Lightning Loop has already attracted several adopters, including e-commerce startup Fold. It’s command line only now, and they requested contacting them by email if you would like to try it.
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