Stone Ridge Asset Manager Launched BTC Lighting Network Startup Accelerator

• Lighting Network startup accelerator will offer a prize amount to the top participant in the program. 

• The startup program will be held four times a year.  

Stone Ridge, an Asset management firm, revealed that it has launched its first startup accelerator focused on Bitcoin Lightning Network and the Tara protocol called In Wolf Clothing(Wolf). Stone Ridge is the parent company of Bitcoin Company NYDIG. 

The accelerator is an 8-week program in which popular and successful founders and startup teams from around the world will be invited to New York City offering them free accommodation and travel expenses. 

The participating teams which are finalized for the program will definitely receive an investment of $ 250,000. And among all the best-performing teams one of them will be selected by a panel of Judges for an additional and special prize of $500,000. One lucky team among all will be decided on the criteria of their demonstration at the end of the day of the program. 

This program will occur four times each year and the first inaugural session will begin in the month of April 2023 the application for the same has been started. 

The Chief Executive Officer of Wolf, Kelly Brewster wrote on his Twitter handle informing more about the program.  

“ Working alongside experts from Wolf, Stone Ridge, NYDIG, and beyond, founders will get funding, one-on-one mentorship, and access to specialists in bitcoin, cryptography, regulation, engineering, branding, marketing, sales, and more.”

According to data from CoinMarketCap while framing this article Bitcoin is trading at $20,612. 

As it is known that the crypto industry is undergoing severe volatility since Q3 of 2021, the volatility has affected all sorts of digital currencies and among the affected ones Bitcoin is the most affected cryptocurrency which lost its trading prices by 70 percent. 

Lightning, according to Saylor, is “the most important thing going on in the world of technology,” and the business intelligence company is looking for solutions that would let companies “roll out Lightning to a hundred thousand employees every day” or “open Lightning wallets for 10 million customers overnight.”

Bitcoin Lightning Network is a second layer added to Bitcoin’s network. It enables off-chain transactions. Off-chain transactions refer to transactions done between parties off of the blockchain. Bitcoin Lightning transactions accelerate transaction processing and drastically reduce the associated cost of the blockchain. 

Taro is a new protocol developed by the company that allows stablecoins to be transferred and received through the Bitcoin Lightning Network. Lightning Labs, a Bitcoin (BTC) software company, has raised a significant amount of money to enable and further develop the Lightning Network, which allows for faster and cheaper Bitcoin and stablecoin transactions.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)