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With support from big players in the industry, LN Markets can guarantee its customers top-notch trading capabilities.
LN Markets, a trading platform that is built on top of the Lightning Network, has concluded a pre-seed funding round for an undisclosed amount led by crypto exchange Bitfinex among other investors.
LN Markets leverages the Lightning Network hence solving issues on the scalability layer on top of Bitcoin, which enables instant and cost-efficient transactions.
Win for Bitcoin, Bitfinex, LN Markets and Other Stakeholders
With the ever-increasing gas fee every time there is a growth in blockchain activity, LN markets anticipates to counter the challenge by offering customers a better and efficient crypto trading service.
“This is one of our first public investments and underlines our support for the Lightning Network. When we look at a project such as LN Markets, we see a direct application of the technologies that we love. It is therefore important for us to provide funding and to participate in such an innovative venture,” said Paolo Ardoino, CTO at Bitfinex.
With support from big players in the market, LN markets is guaranteeing its customers top-notch trading capabilities.
“We are very happy with the group of investors as they have a deep understanding of the space and can add massive value to our company. With their investment and backing we will be able to accelerate our development and offer new trading experiences to our users. Bitcoin is both a financial asset and a very powerful financial infrastructure and we intend to develop both aspects of it,” said Côme Jean Jarry, co-founder at LN Markets.
With the company having been in existence less than a year and managed to pull a great deal of trading volume, investors feel confident with the company to deliver as expected.
“Having used LN Markets since launch and been in conversations with the team for a while, I am very comfortable that this is something that can get really big. Bitcoin is ideal as a collateral asset, and by leveraging lightning payments, LN Markets position themselves at the cutting edge of the new financial system evolving around bitcoin,” said Torbjørn Bull Jensen, CEO Arcane Capital, one of the investors.
According to the company’s metrics, it has reached nearly $10 million in aggregate traded volume since its inception and managed over 100 channels connected to its exchange.
With the company offering 50x leverage to its customers, a huge influx of new users is anticipated in the coming quarters as cryptocurrency adoption grows steadily in adoption globally.
Lightning network will significantly assist Bitcoin trading, since it will cut on transactions cost and also time spent on waiting the blockchain’s validation.