Bitcoin Beach wallet creator Galoy aims to replicate El Salvador project

Galoy, the startup that created the open-source, Lightning Network-compatible Bitcoin Beach wallet, recently completed a $3 million seed round to ramp up its operations and help bring its Bitcoin banking platform to more communities, businesses and governments. 

Miami-based Galoy, launched Bitcoin Beach as a proof-of-concept in the El Salvador surf town of El Zonte in October 2020. The wallet supports the local Bitcoin Beach project there, which has sought to create a bitcoin-based economy. The wallet has more than 6,000 users, according to Galoy’s website.

Bitcoin Beach is different than El Salvador’s state-backed wallet Chivo, which launched in September 2021, after a law making Bitcoin legal tender in the country went into force. Chivo is not open source.

Craft Ventures, Kingsway Capital, Trammell Venture Partners and Balaji Srinivasan participated in Galoy’s seed round, which was announced on December 15. Fulgur Ventures, Bitcoiner Ventures, Vijay Boyapati and Brad Mills also participated.

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