“Bitcoin has brought digital transactions to previously unbanked communities across Latin America, Africa and beyond,” said Galoy CEO Nicolas Burtey in a press release. “However, its volatility makes managing financial obligations difficult. With Stablesats-enabled Lightning wallets, users are able to send from, receive to, and hold money in, a [U.S. dollar] account in addition to their default BTC account. While the dollar value of their BTC account fluctuates, $1 in their USD account remains $1 regardless of the bitcoin exchange rate.”
Source: https://www.coindesk.com/business/2022/08/03/banking-platform-galoy-raises-4m-for-bitcoin-backed-synthetic-dollar/?utm_medium=referral&utm_source=rss&utm_campaign=headlines