Lightning Labs announced the initial code for its new Taro protocol, which will allow users to issue and transfer assets on the bitcoin blockchain and Lightning.
“With this release, we’re one step closer to bitcoinizing the dollar, and the global financial system!”
Taro will allow developers to “mint, send, and receive assets on the bitcoin blockchain”.
“In talking to bitcoin and Lightning developers across the world, we’ve heard that users want to use stablecoins in the same way they’re using bitcoin on the Lightning Network: instantly settled, low-fee, peer-to-peer transactions without financial intermediaries” Lightning Labs Product Growth Lead Michael Levin wrote in a blog post.
In April, the business introduced Taro, a Taproot-powered protocol. The coding for Bitcoin was updated last year with the introduction of Taproot.
Lightning Labs was established in 2016 and has received funding from CEOs of Robinhood and Square, Jack Dorsey and Evan Tenev, respectively, in a number of funding rounds.
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