Bitcoin lightning startup ACINQ launches a wallet for faster payments ‘under 3 minutes’

Wallets • October 18, 2019, 6:40AM EDT
UPDATED: October 18, 2019, 7:19AM EDT
Den Rozhnovsky/ shutterstock.com

ACINQ, a startup that is working on bitcoin’s Lightning Network to make it a “scalable and instant” payments network, has just launched a non-custodial wallet for making faster payments.

Dubbed “Phoenix,” the second-generation lightning wallet allows making payments “in less than 3 minutes,” ACINQ announced in a Twitter thread on Friday. It said users can set up the wallet, receive money, make on-chain and off-chain payments and do a full backup restore, all within 3 minutes.

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ACINQ said it thinks Phoenix is the future of bitcoin/lightning user experience as it has a simple onboarding process, provides simple seed-based backup/restore and is also non-custodial.

The news comes just days after ACINQ raised $8 million in a Series A funding round, which was led by Idinvest Partners and also saw the participation of Serena and state-owned French investment bank Bpifrance. The startup has raised a total of $10 million in venture funding to date.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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