Leading stablecoin company Tether is investing $8 million in Speed, a payments infrastructure company.
The funding round, led by Tether with participation from Ego Death Capital, aims to advance stablecoin payments on Lightning – a network built on Bitcoin to enable instant and cheap transactions.
The goal is to enable efficient payments with native Bitcoin and Tether’s USDT stablecoin.
Accelerate the processing of over $1.5 billion in annual payment volume from consumers, creators, platforms and merchant businesses.
Its products, Speed Wallet and Speed Merchant, serve 1.2 million users and businesses.
According to Paolo Ardoino, CEO of Tether,
“The speed shows what Lightning can achieve when paired with a stable and liquid digital dollar like USDT.
We help teams build practical infrastructure that reduces friction in payments and expands access to trusted settlement rails. Speed’s execution and adoption indicate that Bitcoin-based networks are ready for mainstream commerce.
Tether first announced the introduction of USDT on Bitcoin in January, through a partnership with Lightning Labs.
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