Fedi Raises $17mn; Accelerates Lightning Adoption
Fedi, a tech startup, has secured $17 million in order to make Bitcoin easier for newcomers to use and understand by utilising private and scalable “federations.”
Fedimint federations are a cryptographic Bitcoin platform that allows users to create communities for custodying Bitcoin and Lightning together, which can be made up of friends, neighbours, businesses, or any other loosely related group of individuals.
To take a step back, Bitcoin differs from typical digital money in that it allows users to keep custody of their assets rather than putting them in the hands of a third party. It’s similar to digital cash. However, because self-custody takes time to understand, most users end up keeping their money on exchanges or custodial wallets anyhow.
(With inputs from Shikha Singh)
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