The Lightning Labs team has recently closed a $70 million Series B funding round whose funds will be used to develop the Taro protocol, which allows users to issue stablecoins on the Bitcoin network and use them in Lightning Network apps.
Taro is a framework that allows its users to create a wide range of assets, including stablecoins, and move them to the LN. The creation of the protocol became possible after the activation of the Taproot update in November last year.
Taro aims to “Bitcoinize the dollar” by leveraging the security and stability of the first cryptocurrency’s blockchain, as well as the speed, scalability and low fees of the Lightning Network.
The technology may be in demand primarily in emerging markets in conditions of high inflation. Taro will allow Bitcoin to secure the status of “Internet money” and a protocol for transferring value.
