Bitlight Labs, a significant infrastructure provider for Bitcoin-native smart contracts and payments, has currently received a total of $9.6 million in a Pre-A round of financing.
The financing round was led by renowned industry players Amber Group and Fundamental Labs, and in addition to some other key participants, including UOB Venture Management, Signum Capital, and Gate Ventures.
Bitlight Labs will use this funding to expedite the integration of RGB with the Lightning Network and continue the development of a Bitcoin-native stablecoin payment system for production deployment.
This round of financing brings Bitlight Labs’ valuation to $170 million, a significant development in the company’s growth story.
Strategic Focus on RGB-Lightning Integration
The company stated that the recently raised funds will be used to achieve its long-term roadmap, especially to further RGB protocol contributions and drive interoperability with the Lightning Network.
Bitlight Labs wants to deploy production-ready applications into the marketplace, including Lightning-native payment services, as well as next-generation wallets and RGB-based stablecoin rails.
They have also surpassed over twenty investors in this rollout from across the cryptocurrency, stablecoin, traditional finance, and payment sectors.
Bitlight Labs is positioned to be a central player in the expansion of Bitcoin’s status beyond a store of value into a scalable settlement layer for global payments.
Also Read: Ripple & Circle Back Singapore Based Tazapay In Series B Funding To Boost Cross Border Payments
Why RGB and Lightning Network Matter for Stablecoin Payments
Bitlight Labs is focused on implementing RGB and Lightning Network technology together.
RGB is a client-validated protocol for issuing and transferring digital assets on Bitcoin without clogging the base chain.
Moving the contract and state data off-chain improves scalability, provides support for sharding, and ensures compatibility with Layer 2.
The Lightning Network provides the most advanced instant, low-fee payment channels on Bitcoin to provide for fast settlement and high throughput.
Together, RGB and Lightning provide the ability to move stablecoins natively on Bitcoin with the same ease as transactions of BTC.
Amber Group announced that this establishes “a practical path to high-throughput, low-fee stablecoin payments,” opening the possibility of mass adoption across wallets, merchants, and enterprises.
Also Read: Web3 Platform Yomirgo Secures $5 Million Pre-A Funding Round Led By Gobi Partners
Tether and Multi-Issuer Interoperability
The increasing adoption of RGB has already begun attracting significant players in the crypto ecosystem.
Tether, the dominant stablecoin issuer globally, has recently confirmed its plans to launch USD₮ on RGB.
The launch will enable users to hold and transfer stablecoins alongside Bitcoin in the same wallet, allowing for even offline transfers of value.
This development serves as validation for the approach taken by Bitlight Labs and represents the existence of market demand for Bitcoin-native stablecoin rails.
Bitlight Labs has also confirmed it is currently engaged with multiple stablecoin issuers and payment service providers to enable multi-issuer liquidity, settlement flows merchant-ready, and user experience parity at the wallet level to BTC.
These actions form part of the company’s commitment to building a genuine, interoperable, production-grade payment network on Bitcoin.
Also Read: Hackquest Secures $4.1M In Pre-A Funding Round Led By Animoca Brands & Hashkey Capital
Other Recent Crypto Funding Developments
Bitlight Labs’ financing announcement is a timely one, with a great deal of venture funding and investments occurring in various sectors focused on cryptocurrency.
On September 11th, another Web3 gaming project, RuneSoul, announced a successful funding round, raising $4 million to continue building out its gaming infrastructure and growing global community adoption, according to UnoCrypto.
A week later, on September 18th, we reported that Bio Protocol announced a fundraising event of $6.9 million with Maelstrom Fund and Animoca Brands.
These funds will further Bio Protocol’s mission of proposing biosafety solutions to AI, Blockchain, and crypto incentives in Biotech research and enable speed towards decentralized science (DeSci).
Together, and underscoring these events, is evidence of growing investor confidence in innovations in blockchain solutions across financial infrastructure, gaming, and biotechnology.