Stroom Network, a liquid staking protocol based on Bitcoin Lightning Network, announced it has raised $3.5 million in a seed round led by Greenfield, with participation from Lemniscap, No Limit Holdings, Cogitent Ventures, and others.
Stroom Network aims to help users leverage their Bitcoin on Lightning Network and Ethereum. Through Stroom Network, users can deposit Bitcoin on Lightning Network to earn routing fees, as well as receive $lnBTC, a wrapped token pegged on a 1:1 basis with Bitcoin, on Ethereum to explore yield opportunities in DeFi.
The funds raised will be used to add headcount and to launch liquid staking services on Lightning Network and Ethereum.
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