Stone Ridge the asset management firm has launched a startup accelerator, in wolf’s clothing, whose main focus will be wholly on growing BTC-focused applications.
The program which will be of 8-week duration, in which about 30 to 50 renowned founders from all over the world will be invited to NY City with all expenses paid to focus on developing BTC Centric Lightning Network.
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A guaranteed sum of USD 250 k will be given to the startup, as investment, who are selected to be part of the program. And at the end of the 8 weeks, one of the participating startups will receive USD 500 k as funding.
Such a program will take place 4 times a year. Application for participation is open now and the program will begin in April 2023.
BTC Lightning Network Is The Way Forward
The L Network is a payment system of the layer-2 type built on top of BTC that aims to enable faster payment transactions. The transactions can be done quickly for even the smallest amount and that too it can be done for a very low fee.
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NYDIG, a subsidiary of Stone Ridge, is also supporting the accelerator, alongside mentorship and investments from Bitcoin-focused venture capital firms and operating companies. The names of companies providing outside capital will not be released. However, as per the information received all investors and mentors are already working with Bitcoin and Lightning. That ranges from specialized VCs dedicated to Lightning up through public companies in fintech and banking.
As per data received from 1ml, the capacity of the network is presently standing at 5140 Bitcoin. Which is an increase of roughly 5.43 percent over last month. And data for the median fees for transactions for a satoshi is much below 1 millionth of a cent.