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Fintech Firm Galoy Raised $4 Million, Startup Launches Bitcoin-Backed Synthetic Dollar Product

On Wednesday Galoy, El Salvador’s Bitcoin Beach Wallet creator, announced that it had raised $4 million through an investment round managed by Hivemind Ventures. The startup also launched Stablesats, which is a stablecoin product that leverages derivatives contracts in order to create a bitcoin-backed synthetic currency pegged to US dollars. Stablesats allows users to transact through the Lightning Network while also protecting against volatility in the crypto market.

Fintech Startup Galoy Raises $4 Million in a Funding Round Led by Hivemind Ventures

Galoy, the startup behind the Bitcoin Beach Wallet, has made two announcements on August 3. Galoy, the startup behind the Bitcoin Beach Wallet, has made two announcements on August 3. Galoy stated that the round was also attended by “other top bitcoin investors”.

Max Webster, founder of Hivemind Ventures believes that open-source bitcoin banking is vital to encourage global adoption of technologies such as the Lightning Network. Webster stated in a press release that Galoy significantly lowers the barriers for communities and organizations to create their own banks and connect to the first open monetary, and payments standards in the world.

The Lightning Network (LN), a layer 2 (L2) protocol that is built on top Bitcoin, aims to scale the network and allow peer-to-peer transactions at lower fees than traditional on-chain transactions. The founder of Galoy, Nicolas Burtey, wholeheartedly believes LN is the future of BTC payments. “It’s not secret that Lightning and bitcoin are disrupting traditional finance,” Burtey stated during the fund raise announcement. We see the Galoy client, contributors, and team as one community that works together to create a bridge to a more inclusive global financial system .”

Galoy Reveals the Stablesats, a Lightning Network-Powered Bitcoin -Backed Synthetic Dollar

Presently, the value locked in the LN system is roughly $79. 60 million, or around 3,418. 14 BTC. Galoy also announced a new product called Stablesats. Galoy explained in a blog post, that Stablesats is one of the newest features being added to the cryptocurrency payment platform. Galoy wrote in a blog post that Stablesats is an alternative to fiat bank integration or stablecoins. It uses derivatives contracts for a bitcoin-backed synthetic currency pegged to USD. Galoy’s announcement includes:

This enables dollar-equivalent USD accounts inside of Lightning wallets, solving one of the biggest problems for people using bitcoin for everyday transactions: short-term exchange rate volatility.

Burtey believes that technology like the Lightning Network or Stablesats can help digital transactions thrive in all regions of the globe. Burtey observed that Bitcoin has enabled digital transactions in previously unbanked areas across Latin America, Africa, and elsewhere. However, it is difficult to manage financial obligations due to its volatility. With Stablesats-enabled Lightning wallets, users are able to send from, receive to and hold money in a USD account in addition to their default BTC account. Regardless of how the bitcoin exchange rate changes, the dollar value of their account does not change. $1 in their USD account will always be $1.

The Stablesats product has its own website which gives a detailed summary of what it is and how to use the technology. Galoy’s open-source codebase for Stablesats and its other products can be seen on Github. Stablesats uses “an instrument called perpetual inverted swap to create synthetic USD”, and the team points out that there are “other interesting avenues for exploring .”

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What do you think about Galoy raising $4 million from strategic investors? What are your thoughts on Galoy’s Stablesats products? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Galoy,

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Ripple CEO believes crypto market could reach $5 trillion by year end – Here are top 3 picks that might help position you for gains

Ripple CEO is claiming the crypto market could reach $5 trillion by the end of 2024. Investors are looking for better opportunities to invest and gain lucrative profits if that happens. According to some analysts, Solana (SOL), Sui (SUI), and Borroe Finance ($ROE) could be some of the best altcoins to include in investment portfolios.…


  • Ripple CEO is claiming the crypto market could reach $5 trillion by the end of 2024.
  • Investors are looking for better opportunities to invest and gain lucrative profits if that happens.
  • According to some analysts, Solana (SOL), Sui (SUI), and Borroe Finance ($ROE) could be some of the best altcoins to include in investment portfolios.

Ripple CEO, Brad Garlinghouse, is bullish on the crypto market, predicting that the crypto market cap could double and reach around $5 trillion by the end of 2024.

Garlinghouse believes spot ETF approval and the Bitcoin halving event will fuel this prediction. But he also emphasized the crucial impact of favorable U.S. regulatory changes on the crypto market’s growth.

The crypto community is understandably excited about this market prediction, with investors and analysts digging into the numbers to determine which tokens could be the best bets to capitalize on this growth. A growing number of experts believe SOL, SUI and $ROE could be some of the top crypto coins to consider adding to your portfolio ahead of this market expansion. Let’s take a look at their reasoning.

Solana validators approve ‘Timely Vote Credits’

Solana validators have agreed on a “Timely Vote Credits” plan, which speeds up transactions. It does so by modifying the consensus vote latency. The proposal was passed on April 8 with 98% votes.

Besides, SOL was trading around $172 in the second week of April with minor fluctuations. Experts say it is near the crucial support level of $170. If it breaks down from here then, SOL might trade around $160 by mid-2024.

However, if SOL manages to stay above $172, then it could head towards $190 and eventually to $200. If the bullish momentum persists then SOL could trade around $250 by the end of 2024.

Is SUI ready to take off?

SUI has risen by 290% in the past year, from a low of $0.37 in October to its current price of $1.46. In mid-April, Sui was trading around $1.57 with the crypto market cap of $2 billion. SUI has been fluctuating between $1.35 and $2.15 in the past month.

Experts say SUI is in a downtrend now, with the support at $1.55. If it breaks below this support zone, then SUI could trade around $1.30 by mid-2024.

Still, many analysts are optimistic about SUI’s growth potential, with some indicating that if it breaks above the resistance level of $1.70, then it will move towards $1.80. By the end of 2024, SUI has the potential to trade around $2.50, according to a number of forecasts.

Borroe Finance presale is on fire

Borroe Finance is attracting investors in its final stage of the presale. They raised over $3.66 million by selling over 282 million $ROE tokens. In Stage 5, $ROE is priced at $0.02 per token, and it will be listed at a price of $0.025 across several exchanges.

This will generate 25% profit for new investors. In addition, current investors are also enjoying a 15% bonus when they use a promo code (“WELCOME”), but data suggests there are now only 153 million $ROE tokens left to be sold.

Borroe Finance aims to revolutionize Web3 business funding through blockchain, AI-powered risk assessments, and smart contracts. It offers quicker access to capital by allowing businesses to mint and sell NFTs. These NFTs represent their future revenue.

$ROE utilizes the Polygon blockchain for its efficiency and low fees. The team is experienced and always brings their best to the table. Some crypto analysts are predicting that Borroe Finance could be the best blockchain ICO in the market right now, which is why many investors are deciding to HODL $ROE tokens.

Learn more about Borroe Finance ($ROE) here:


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Dogecoin eyes $1 mark, Monero and Chainlink’s competitor attracts top-tier investors

We have seen all sorts of events happening in the crypto world, where some of the best meme coins can capture a huge chunk of the market while fundamentally strong projects remain in the shadows.  DOGE, with massive community backing, is an example of how hype can impact the price of a token. Some traders…


We have seen all sorts of events happening in the crypto world, where some of the best meme coins can capture a huge chunk of the market while fundamentally strong projects remain in the shadows. 

DOGE, with massive community backing, is an example of how hype can impact the price of a token. Some traders are already seeing it touch the $1 mark sooner than later, but that will depend on multiple factors. While we see how it goes, a new ICO, InQubeta, is competing with the likes of Chainlink and Monero.

Will Dogecoin touch the $1 mark?

Dogecoin has made quite the splash recently, riding the wave of meme culture straight into the hearts of a diverse crowd. It’s not just the seasoned crypto heads getting in on the action but also those looking for a fun entry point into the world of digital money. Dogecoin stands out, not so much for its tech or financial chops, but for its vibe: it’s all about community.

Yet, hitting that $1 dream is tricky. Detractors often say Dogecoin’s more about hype than substance, lacking the solid foundation other top crypto coins have. But DOGE believers see a different picture: its acceptance by more and more merchants and its die-hard community could mean Dogecoin’s joke could have the last laugh, making it a serious player in the crypto game. 

As Dogecoin starts popping up more in everyday transactions and online shops start accepting it, it’s beginning to shake off its meme coin image, hinting that its cultural clout could indeed cement its place in the crypto world with real, lasting value.

InQubeta: A new vanguard in AI crypto investment

While Dogecoin captures headlines with its rollercoaster market antics, a new name, InQubeta, is quietly turning heads among savvy investors. Positioned as a serious rival to crypto veterans like Monero and Chainlink, InQubeta stands out by weaving the untapped potential of AI into the fabric of crypto investments.

InQubeta is on a mission to simplify access to the once-gated world of AI startups, offering a golden ticket to the average investor through its innovative QUBE tokens. This platform is changing the game by allowing anyone to grab a piece of the AI pie, previously a feast for the Silicon Valley bigwigs only.

By making fractional investment a thing of reality, InQubeta is breaking open the door that has always kept retail on the sidelines.

The real kicker? InQubeta utilizes NFTs to offer shares in these AI companies, making investment outcomes transparent and directly related to their success. This not only enriches the investment landscape but also weaves a closer bond between investors and the tech pioneers driving these projects.

InQubeta’s vision doesn’t stop there. With a roadmap that dreams big – launching an NFT marketplace, rolling out the InQubeta swap, and firing up a decentralized autonomous organization (DAO) – it’s clear they’re leading the march towards a future where AI and blockchain not just meet but meld in exciting ways.

Backed by a thorough audit and a presale buzz that’s already drawing in the millions, InQubeta’s journey towards cross-chain expansion in 2024 is not just promising; it’s practically in motion.

Conclusion

As Dogecoin dances its way towards the coveted $1 mark, fueled by a lively community and its irresistible meme magic, InQubeta is carving out its own place in the crypto world with something totally different. Very few initiatives are targeted towards making the investment game easy for average investors with small capital.

However, with InQubeta, one can expect to be a part of a circle where the big investors take a chance. But as always, doing your homework is essential before deciding on the best crypto investments.

Visit InQubeta Presale 

 Join The InQubeta Communities


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Bitcoin Technical Analysis: BTC Encounters Strong Resistance, Enters Consolidation Mode

As of May 22, 2024, bitcoin is trading at $69,952, navigating a recent intraday range of $69,211 to $71,422. Despite a tumultuous period, bitcoin has shown resilience with an 11.9% increase over the past week and a 5.9% rise over the past month. Bitcoin Bitcoin’s 1-hour chart reveals a significant decline from a peak of [……
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