The latest Zap funding round has yielded $3.5 million into the startup’s kitty. Zap, a startup developing Lightning-based solutions, primarily works on simplifying payment solutions. The investment round started earlier this year in April, and the latest information is part of the firm’s disclosure report filed with the US Securities and Exchange Commission (SEC).
Just out: Visa partner Zap secretly raised $3.5 million from the unicorn-maker behind Robinhood and Stripe to expand bitcoin payments: https://t.co/CF6hm56dls by @DelRayMan
— Forbes Crypto (@ForbesCrypto) July 15, 2020
Zap funding round was attended by industry bigwigs. The list of participants included Green Oaks Capital Fund, Morgan Creek Digital, and more. The company will use this new capital for increasing investor base and also increase recruitment.
Zap funding round to strengthen its credentials further
Founded in 2017, Zap is best known for creating a non-custodial BTC wallet Strike. As Zap founder Jack Mullers states, Strike allows users to receive BTC in the form of dollars through direct bank deposits. Currently, it operates with a total employee count of 13 people that come together from various locations ranging from Chicago to Berlin.
Zap has a Visa card in the pipeline that is due to be launched in 2020. The product would make Zap the smallest firm to provide exchange services with dollar-based liquidity. The company aims to bring Lightning Network access into the mainstream along with other solutions like Bitcoin protocol. These technologies have the potential to make transactions cost-effective and highly efficient.
Simplified payment systems essential to make BTC mainstream
Zap develops solutions that aim to reduce the traditional bottlenecks plaguing the conventional transaction channels. It wants to reduce the complexities inherent in the underlying technologies while delivering an easy-to-use system for the masses.
Anthony Pompliano commented on the Zap funding round. He is confident that the Zap team will deliver solutions that further simplify the BTC use and also push towards transforming Bitcoin into a worldwide reserve currency.
Zap is also working on a wallet that utilizes the Lightning Network protocol. The project aims to drastically lower transaction fees and confirmation time.
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