Galoy Raises $ 3 Million Funding Round to Help Communities and Institutions Use Bitcoin for Money


Craft Ventures is joined by Kingsway Capital, Trammel Venture Partners and Balaji Srinivasan to accelerate Lightning Network adoption through the open source Galoy Bitcoin banking platform.

MIAMI, December 16, 2021 / PRNewswire / – Galoy, developer of Bitcoin banking software and creator of the Bitcoin Beach Wallet in El Salvador, closed a $ 3 million seed round.

The Galoy suite of solutions enables any community, business or government to offer banking services using Bitcoin and Lightning.

Co-founder and CEO Nicolas burtey believes that Bitcoin is the basic layer of the financial system of the future:

“The Bitcoin protocol offers an open, native Internet alternative to the traditional closed and authorized financial system. We created Galoy to help any community or institution embrace this new standard and connect to the world’s first monetary network.”

Co-founder and president Chris hunter Galoy says lowers the barrier to entry associated with launching a bank:

“Twenty years ago, starting a software business was expensive and time consuming. Today, it is easy, fast and inexpensive to do so, thanks to the widespread adoption of cloud computing offerings.

Galoy is determined to similarly transform the world of financial services. In the years to come, our customers will be able to launch full-service Bitcoin banking solutions with the push of a button. ”

Principal investor in the seed round Brian murray, COO and Partner at Craft Ventures, notes:

“We are seeing Lightning accelerate the evolution of Bitcoin from a speculative asset to a conventional payment rail. Galoy is building a platform that will make it easy for everyone in the world to use Bitcoin as currency.”

Manuel Stotz, the founder of Kingsway Capital said:

“Galoy invents Bitcoin tools at the intersection of SaaS and frontier markets. The team has already delivered a successful proof of concept in El Salvador. This can serve as a model for emerging market leaders to replicate. ”

Galoy’s proof of concept, the Bitcoin Beach Wallet, helped inspire nation-state adoption of Bitcoin in El Salvador. The lessons of the project were recently published in the article “Bitcoin Banking for Communities: Lessons Learned from Bitcoin Beach. “

The platform is designed for a wide variety of customers. Examples include:

  • Communities: cities, religious organizations, charities – enabling the creation of circular Bitcoin economies, both locally and globally

  • Governments: cities, countries, agencies – providing 21st century financial services directly to their constituents

  • Businesses: banks, merchants, consumer product companies – delivering new Bitcoin experiences to their retail customers

The Galoy technology stack includes full functionality for launching a Bitcoin bank: a secure back-end API, mobile wallets, point-of-sale applications, compliance tools, and administrative controls. Galoy also offers hosted “Banking-as-a-Service” (BaaS) solutions for those looking for fully managed implementations and support. The complete codebase is open source and available for anyone to view, audit and use on GitHub.

In addition to the aforementioned investors, participants in the round table include Fulgur Ventures, Bitcoiner Ventures, and renowned Angels. Vijay Boyapati and Brad mills.

“We believe that Bitcoin is one of the most important technologies ever invented by mankind,” adds Hunter. “The Galoy team is honored to be at the forefront of its adoption and excited to help bring Bitcoin to the first billion people.”

About Galoy
Galoy allows any community or institution to offer financial services on Bitcoin. The Galoy open source banking platform includes a secure back-end API, mobile wallets, point-of-sale applications, compliance tools and administrative controls. Galoy’s proof of concept, the Bitcoin Beach Wallet, supported the creation of a circular Bitcoin economy that inspired nation-states to adopt Bitcoin as legal tender in El Salvador. Learn more about galoy.io.

SOURCE Galoy

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