LN Markets, which is a trading platform has recently closed its pre-seed funding round. However, the amount is not disclosed yet. It is the first bitcoin derivatives exchange, which is built on the top of the Lightning Network. This pre-seed funding round has been raised by the exchange and collaborated with Bitfinex exchange in order to take the project forward.
LN Markets is there to leverage the Lightning Network which enables both instant and cost-effective transactions. With this, the firm simply reduces the need for customers to rely upon exchanges as a custodian. It completely avoids all the slow and costly on-chain transactions which could be seen as a huge concern among the whole crypto space.
According to Bitfinex, LN Markets is providing a completely enhanced trading experience to its customers. Paolo Ardoino, chief technology officer at Bitfinex has said that this is the first public investment of Bitfinex for the Lightning Network. They believe LN to be a completely innovative venture and hence they are overwhelmed to provide funding to it.
It is revealed that Arcane Crypto and Fulgur Ventures were also among the participants in the pre-seed funding round of the firm. Côme Jean Jarry, co-founder of LN Markets has said that the firm is extremely happy with the group of investors that they have received in this funding round. All these investors were having a deep knowledge of this space and will help to add some huge values to the exchange. Through this, the firm will be able to accelerate its development and will work towards giving the best trading experience to its users. The firm is aiming to develop Bitcoin as a financial asset, as well as a powerful financial infrastructure.