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ACINQ, Startup Guiding Eclair Lightning Implementation, Raises $8M


The Lightning Network carries on to mature and funding of Lightning growth looks to be developing along with it.

ACINQ, the Paris-based mostly improvement firm powering the eclair Lightning implementation, announced right now, Oct 9, 2019, that it has raised $8 million in a series A funding round led by undertaking funds business Idinvest Partners, with involvement from investment decision lender Bpifrance and enterprise funds company Serena. Following a $1.7 million seed round last calendar year, this provides the complete expenditure in the startup shut to $10 million.

“This is superior news for the Lightning Network,” ACINQ CEO Pierre-Marie Padiou explained to Bitcoin Journal. “What we’re creating only helps make perception if the key actors are in this article for the very long time period.”


Soon immediately after the publication of the Lightning Community white paper in 2015, many groups formed to carry out the layer two technological innovation for rapidly and low cost bitcoin payments. ACINQ was a person of these groups, and eclair — the Scala-based mostly, open-supply undertaking it spearheads — is typically considered one of the three main implementations of the Lightning protocol, the other two becoming Blockstream’s c-lightning and Lightning Labs’ lnd.

“We are a bit additional discreet than Blockstream and Lightning Labs, but I imagine we have a reasonable share of contributions,” Padiou explained. “It’s essential that there are several implementations of the Lightning protocol. It’s a assure that no single company is in charge, and is what will make [sure] that persons are in a position to belief this technologies.”

Designed on eclair, ACINQ at present offers two further products and solutions. For 1, the company was the initial to acquire a consumer-grade Lightning wallet software for Android phones, Eclair Cellular. This is one of the most preferred Lightning wallets accessible currently (very potentially the single most preferred just one). Furthermore, ACINQ maintains the Strike API, which will allow corporations to take Lightning payments simply and to be paid out in aggregated on-chain transactions. To assistance these expert services, ACINQ also operates one particular of the busiest nodes on the Lightning Community right now.

The sequence A funding round will aid ACINQ extend its 6-particular person group, so the enterprise can keep on to establish and make improvements to equally Eclair Mobile and Strike. Also, the startup will soon announce new (and, as of nevertheless, undisclosed) solutions. But potentially most importantly, Padiou stated, it will permit ACINQ to continue on to work on eclair and, for that reason, on the Lightning Network itself.

“People will need a better user expertise when they use Lightning. But that’s only achievable if real improvements are built on the protocol amount, which takes time. With this funding, we’ll now be right here for many years,” Padiou reported.

Further more studying: What Is the Lightning Community?

Funding Lightning Growth

In between ACINQ, Blockstream ($101 million) and Lightning Labs ($2.5 million), Lightning growth has captivated sizeable funding in latest a long time. (Even though Blockstream in unique functions on a much more diverse assortment of assignments.)

Padiou believes this is an sign that the sector could be maturing.

“We have witnessed less fundraises in the room in the past calendar year or two. It employed to be pretty tough for outsiders to fully grasp what in the field has value and what does not,” he reported. “But it&#8217s extra crystal clear what&#8217s essential now. Scalability is the most essential factor that prevents Bitcoin from going mainstream, and initiatives that make sense will however influence traders. That’s excellent news for where we are going with Lightning.”

Serena experienced, by itself, led ACINQ&#8217s seed spherical, but for Idinvest and Bpifrance, this is the initially time they’re investing in a Bitcoin- or blockchain certification-relevant firm. 

“Cryptocurrency’s likely is getting to be extra and a lot more clear,” Véronique Jacq, director of Bpifrance’s digital investment division, stated in a statement. “In this place the place there is continue to much to check out and establish, Bitcoin presents a system for experimenting and applying that is next to none. Lightning is its most promising scalability remedy and we’re delighted and proud to support and lover with ACINQ, a French business that is 1 of the planet leaders of this new technological know-how.” 

The Lightning Community introduced in beta in early 2018. Given that then, the community has grown noticeably. Just above the previous yr, the amount of publicly obvious nodes has tripled to about 10,000, holding above 800 bitcoin (value above $6 million at the time of writing) in tens of 1000’s of payment channels. If non-noticeable nodes were being included in the statistics, the numbers would be even better — but the private mother nature of the Lightning Community can make it unachievable to know by how a great deal.

The submit ACINQ, Startup At the rear of Eclair Lightning Implementation, Raises $8M appeared 1st on Bitcoin Journal.