Startup BOLT Labs successfully closed a seed round of financing led by Dekrypt Capital and raised $ 1.5 million to develop privacy-oriented solutions in second-layer protocols like the Lightning Network.
The venture unit of Ripple (Xpring), Zcash Foundation, Lemniscap, Access Ventures, Kilowatt Capital and business angel Branson Bollinger also took part in the round.
Computer Science Ph. D. Ayo Akinele, the founder of BOLT Labs, intends to use the tools to create a fast, private and secure network of payment channels. As planned by Akiniele, the new protocol will be scalable and compatible with any cryptocurrency networks and solutions of the second layer.
For the first time, the BOLT technology was presented in a document published in 2016 by Matthew Green and Ian Myers, the founders of the Electric Coin Company. The main task was to create a scalable solution of the second layer, in which the complete privacy of users is activated by default.
Note, the concept of the future product BOLT Labs for the network ZCash should appear in the summer of 2019.