Fintech Firm Galoy Raises $4 Million, Startup Introduces Bitcoin-Backed Synthetic Dollar Product

Fintech Firm Galoy Raises $4 Million, Startup Introduces Bitcoin-Backed Synthetic Dollar Product


On Wednesday, Galoy, the firm behind El Salvador’s Bitcoin Beach Wallet, announced that the company raised $4 million in funding in an investment round led by Hivemind Ventures. On the same day, the startup launched a new product called Stablesats, a stablecoin concept that leverages derivatives contracts to create a bitcoin-backed synthetic dollar pegged to the U.S. dollar. The Stablesats product allows people to transact via the Lightning Network and hedge against crypto market volatility at the same time.

Fintech Startup Galoy Raises $4 Million in a Funding Round Led by Hivemind Ventures

Galoy, the startup behind the Bitcoin Beach Wallet, has made two announcements on August 3. The first announcement details that the company has raised $4 million from strategic investors in order

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