Tether leads $8M funding for Lightning startup focused on stablecoins
Speed, which leverages the Bitcoin Lightning Network to facilitate USDT transfers, has secured $8 million from Tether and Ego Death Capital.
#BinanceBlockchainWeek Stablecoin giant Tether has led an $8 million investment round in Bitcoin startup Speed to support its mission in enabling more enterprise stablecoin payments on the Bitcoin layer-2 Lightning Network.
“Speed’s architecture demonstrates how Lightning and stablecoins can operate together to move money at high scale with low fees, strong compliance, and global reach,” Tether said in a statement on Tuesday.
“Speed’s execution and adoption signal that Bitcoin-rooted networks are ready for mainstream commerce,” Tether’s CEO Paolo Ardoino added.
The Bitcoin ecosystem-focused Ego Death Capital also contributed to Speed’s $8 million investment round.
Speed serves over 1.2 million consumers, creators, platforms, and enterprise merchants using its Speed Wallet and Speed Merchant products, processing more than $1.5 billion in annual payment volume.