Article • about 1 year ago
Stroom Network Raises $3.5 Million in Seed Funding for Bitcoin Leveraging Protocol
Summary
- Stroom Network has secured $3.5 million in seed funding in an oversubscribed funding round.
- The funding round was led by crypto investment firm Greenfield.
- Other participants in the funding round include Lemniscap, Cogitent Ventures, Ankr's venture arm, and No Limit Holdings.
- Stroom's protocol allows users to leverage their Bitcoin capital on both the Lightning Network and Ethereum.
- By depositing Bitcoin on Lightning, users can earn routing fees while Stroom issues a wrapped Bitcoin token, lnBTC, on Ethereum.
- The lnBTC token enables users to explore further yield opportunities across the Ethereum ecosystem, similar to WBTC.
- The funding will be used to support the development and expansion of Stroom's protocol, enhancing its capabilities and reaching a wider user base.
