Zap, the start of lightning behind an untrusted bitcoin wallet, raised $ 3.5 million in a financing round in April.
As reported Forbes On July 15, previously unknown files from the U.S. Securities and Exchange Commission revealed that Zap raised $ 3.5 million in April first round with investors such as Green Oaks Capital and Morgan Creek Digital, co-founded by the bullish Anthony “Pomp” Pompliano.
What is zap?
A wallet not keptZap stands out from the others by allowing its users Buy Bitcoin (BTC) instantly through a U.S. bank account through the Lightning Network.
The CEO of Zap, Jack Mallersis the grandson of Bill Mallers, who helped found the Chicago Board of Exchange, and the son of Bill Mallers Jr., who co-founded the brokerage firm First American Discount Corporation.
Mallers said Zap’s ultimate goal was Make Bitcoin more accessible and “used by everything it has to offer the masses.”
“Our current users don’t know that we use Bitcoin when they use dollars. It’s like we melted it down deeply. I think millions of people will be using this over the next few years, and that requires little capital.”
As Cointelegraph reported last September, Mallers said that newcomers to cryptocurrency could do this “Swipe your debit card, get Bitcoin directly through the Lightning network, and make cheap micro payments in seconds.”. This solution could reduce both the processing time and the fees associated with buying BTC.
Association with Visa
Zap joined Visa’s Fintech Fast Track program in JuneThis allows the app to start a Visa co-branding card. According to Forbes, the company has several projects with Visa, but so far only the Zap credit card has been announced.
“We are contractually committed to launch one in the next 12 months and plan to launch one in the coming months,” he said.
Strike, strike, strike
Cointelegraph reported on July 6 that the request strike Maller’s was in public beta. Although both apps can send and receive Bitcoin payments directly to a bank account via Lightning, Strike does not require a wallet, seed capital, channels, or liquidity to function. The Know Your Customer (KYC) protocols have also been kept to a minimum.
There is competition
Zap is far from the only company that wants to tap the untapped potential of the Lightning network.. Jack Dorseys Square, CEO of Twitter, announced in January that he has launched a Lightning Development Kit, which could also lead to Bitcoin payments at lower rates.