US Startup raises $ 3.5 million from Pantera, others to launch decentralized Exchange on LN

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The American startup Sparkswap has completed a successful seed financing round to create a decentralized exchange based on the Bitcoin (BTC) Lightning Network. A blog post revealed the development on Monday, April 8.

According to Sparkswap's founder, Trey Griffith, the company raised $ 3.5 million from investors, including Initialized Capital, Pantera Capital, Foundation Capital and Y Combinator.

The startup plans to create a decentralized exchange that is protected against hacks, while transactions are processed on blockchain.

Sparkswap began testing its main subject on January 2, 2019, powered by Bitcoin's Lightning Network. The core technology, Atomic Swap, allows users to trade blockchains and settle transactions directly.

After the seed round, the company will open the trade to the public. In the beta phase, the transactions are limited to the BTC / LTC trading pair while Sparkswap tests its software.

However, Griffith told Crypto Media The Block that the company is considering enabling trading for other assets, namely ZCash (ZEC) and Ethereum (ETH).

Earlier this month, Radar, the startup behind decentralized exchange radar relay that raised $ 10 million last year, announced it will soon release new Lightning Network developer tools. The solutions are aimed at giving new users access to the crypto-scalability solution, which has been developed to offer almost free and immediate transactions.

As Cointelegraph previously reported, blockchain development company Lightning Labs announced the first release of the Lightning Network in March with Lightning Loop.

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Don Bradman

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