Neutronpay (website), a startup that enables consumers and businesses to send and receive payments through Bitcoin’s Lightning Network, has received $2.25 million in seed funding. The round was led by Hivemind Ventures and saw participation from Republic, Cavalry, Ride Wave, Studio, Fulgur Ventures and Iterative.
Neutronpay was the first Lightning company to initially focus on Vietnam’s 100 million population. Other countries in Southeast Asia are expected to follow.
The Lightning Network is a “Layer 2” payment protocol built on Bitcoin that enables instant payments to be processed in milliseconds. It can make millions of transactions per second and allows for low fees.
The funding was supported by additional staff in various departments, focusing on the further development of enterprise APIs, the soon-to-be-released consumer mobile app, sales and marketing, and regulatory compliance.
Albert Buu, CEO of Neutronpay, said, “Being born and raised in Canada, I was fortunate to be part of the first-world financial infrastructure. But I knew I could make a difference in Vietnam, where my parents and the rest of my family are from, by introducing them to the Lightning Network and all it can offer people in that country.“