Bitcoin Beach wallet creator Galoy has revealed plans to recreate El Salvador’s Bitcoin project. Galoy is a start-up that developed the open-source, Lightning Network-enabled Bitcoin Beach wallet.
Galoy Completed $ 3 Million Funding Round for Bitcoin Beach Wallet Project
Galoy completed a $ 3 million funding round in efforts directed towards the project. Galoy funding round includes Craft Ventures, Fulgur Ventures, Kingsway Capital, Bitcoiner Ventures, Trammel Venture Partners, Vijay Boyopati, Brad Mills, and Balaji Srinivasan.
By replication El Salvador’s Bitcoin project, Galoy aims to bring its Bitcoin banking platform to more communities, companies, and governments. According to the Chief Marketing Officer at Galoy Andrew Begin, the company will utilize the funding to bring the Bitcoin Beach wallet to a wider audience.
The wallet was first created in October 2020 in El Zonte in El Salvador. The wallet was part of a Bitcoin for Communities project that celebrated the progress made globally towards Bitcoin and Lightning adoption.
Bitcoin Beach is a proof-of-concept that supported the local Bitcoin Beach wallet project in El Zonte. Begin stated that Bitcoin Beach wallet is scaling up to be a business of its own with local leadership.
Bitcoin Beach wallet creator Galoy is looking to create a robust Bitcoin-based economy with over 6,000 users currently. With the Bitcoin Beach wallet technology, any community, business, or government can offer banking services using Bitcoin and Lightning.
Bitcoin Beach Wallet is Open Source Unlike Chivo Wallet
Unlike Bitcoin Beach, El Salvador’s government-backed wallet Chivo is not open-source. The government of El Salvador introduced the Chivo wallet after officially granting Bitcoin legal tender in September 2021.
The Bitcoin Beach wallet is currently functioning in Costa Rica in a Bitcoin-based community program called the Bitcoin Jungle. Additionally, Guatemala uses the wallet in a project called the Bitcoin Lake.
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