Naris - Cryptocurrency Specialist
Lightning Labs, the creators of the Layer-2 Bitcoin Lightning Network, has secured $70 million in a Series B round of investment to develop a stablecoin and asset system on the Bitcoin network.
The "Taro" network will be built on Taproot, a recently released blockchain update. Valor Equity Partners led the round, which included Baillie Gifford, Goldcrest, Kingsway, Stillmark, Brevan Howard and NYDIG.
Taro: Bitcoin Network Instant Stablecoin Transactions
The debut of Taro, an open protocol based on the Bitcoin Taproot update, was announced by Elizabeth Stark, co-founder and CEO of Lightning Labs.
Taro is a Bitcoin asset overlay network, according to Lightning Labs. The announcement states that Taro wants to add stablecoins to the Bitcoin network so that fiat-pegged assets may be settled instantly.
Taro will assist developers with creating assets on the trusted Bitcoin blockchain and transferring them to the Lightning Network for scalability and speed. Taro will take use of Bitcoin's liquidity to assure asset interoperability, according to Lightning Labs.
Taro is not a stablecoin, but rather a protocol that will facilitate the flow of assets across Lightning. Lightning Labs will not be creating a stablecoin.
On the other hand, Taro's development and implementation might be hampered by the increasing regulatory scrutiny that stablecoins are under.
Why Should You Be Concerned?
Taro might help to increase Bitcoin acceptance by allowing more users in underdeveloped nations to transmit fiat-backed stablecoins without having to use Bitcoin.
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