A Startup using Stellar blockchain for special purposes, Lightnet, recently conducted a funding round, where $31.2 Million was raised. Blockchain technology is starting to gain traction among the nations of the world.
China, the most populous country in the world has officially declared its absolute interest in the nascent technology. Also, the capital territory of China, Beijing recently itemized 20 important areas where blockchain technology will serve as a solution.
So, the success of Lightnet funding round in raising such a whopping sum of money is a step in the right direction in an industry that is gaining traction on a daily basis with future prospects.
Major Landmark recorded by Lightnet
According to the report, Lightnet is a Stellar-based blockchain startup in Thailand. Its periodic funding round was led by United Overseas Bank.
Other important business entities that invested in the funding round are Hashkey, Sinu Capital and Seven Bank. A total of $31.2 was raised in the process.
The major vision of Lightnet is to make sure the entire remittance market is powered by blockchain technology. This objective will serve as a solution to the unbanked migrant workers in the markets of some parts of Asia.
To be frank, Lightnet specified that the system generally used by SWIFT to send money across the world is completely inefficient.
In order to bring about a better service than SWIFT, Lightnet plans to replace this system entirely by switching to smart contracts and distributed ledger.
According to the update, this move is expected to help in connecting the existing financial system with the no-bank agents and solution to the fiat-transaction network.
What the New Funding Will Bring to Lightnet
The new funding is capable of strengthening the growing technology. According to the report, the first transition is expected to take place in Q1 of 2020. Conclusively, Lightnet will subsequently integrate MoneyGram, Ksher, and Yeahka
