An oversubscribed funding round led by ego death capital and Entrée Capital netted Breez, a provider of Lightning solution services, $4.5 million. Hivemind Ventures, Fulgur Ventures, Hawk Digital Innovation, and Bitcoiner Ventures are a few additional industry funds that took part.
Breez CEO Roy Sheinfeld discussed the company’s Lightning as a Service (LaaS) strategy in a press release that was sent to Bitcoin Magazine, saying, “Our goal remains to bring Lightning to the masses, as it was on day one. LaaS is a logical progression in that direction. From a conceptual standpoint, it’s the best way to scale Lightning globally without compromising the principles and qualities that have made bitcoin the most valuable currency in history.
Breez’s innovative new approach to bringing nearly instantaneous and frictionless bitcoin micropayments to the global mainstream is what the company refers to as Lightning as a Service.
Roy and his team are among the best Lightning developers on the planet, according to Jeff Booth, a general partner at ego death capital, who commented on the raise. In addition, Roy’s capacity for critical thought and execution excite us to support Roy and his goal of bringing LaaS to life.
On top of bitcoin, Lightning is a Layer 2 solution that offers almost instantaneous payment transmission at significantly lower costs. Many of the issues that Bitcoin critics point out as the technology’s shortcomings have been claimed to be resolved by the technology. Others in the community continue to believe it is the best scaling option yet, despite continued doubts in the community about its ability to achieve this goal.
Breez began as a Lightning client, offering products like 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 applications and use cases. Breez aims to demonstrate that Lightning is the Layer 2 solution for scaling Bitcoin for adoption through its product offerings.
Breez has previously received funding from the Human Rights Foundation as well as investments from Seetee, the Norwegian investment firm Aker’s bitcoin-focused subsidiary.