By Sukanya Ganesh — Nov 28, 2022

☁️ Cloud-based Crypto Banking Platform

How Galoy utilizes cloud technology to make it easy for any organization to start their own bank

Today's Highlights

Galoy - Bitcoin-native banking platform on the cloud

Blockchain events - upcoming events in the blockchain world.

In Other News - a few interesting developments we're tracking.

Galoy - Bitcoin-native banking platform on the cloud

Open source bitcoin banking is very important in order to bolster the global adoption of technologies like the Lightning Network. Galoy dramatically lowers the barrier for any community or organization to become their own bank and plug into the world’s first open monetary and payments standard. Because it’s open source, Galoy’s platform benefits from a flywheel effect that can make it the Schelling point for banking software. Each new customer’s implementation improves the security, reliability and capability for all present and future customers.

The Lightning Network (LN) is a layer two (L2) protocol built on top of Bitcoin that aims to scale the payments network and allow for peer-to-peer transactions with lower fees than on-chain transactions.

The Galoy tech stack includes comprehensive features for launching a Bitcoin Bank – which is a secure backend API, mobile wallets, point of sale apps, compliance tools and administrative controls. Galoy also offers hosted “Banking-as-a-Service” (BaaS) solutions for those seeking fully-managed implementations and support. The complete codebase is open source and available for all to view, audit, and utilize on GitHub.

Galoy has built a new product called Stablesats. Galoy believes Lightning Network and Stablesats will help digital transactions flourish in regions all around the world. Bitcoin has brought digital transactions to previously unbanked communities across Latin America, Africa and beyond. However, its volatility makes managing financial obligations difficult. With Stablesats-enabled lightning wallets, users are able to send from, receive to and hold money in a USD account in addition to their default BTC account. While the dollar value of their bitcoin account fluctuates, $1 in their USD account remains $1 regardless of the bitcoin exchange rate.

The founders of Galoy, Nicolas Burtey and Chris Hunter, wholeheartedly believe LN is the future of BTC payments. Galoy has raised a total of $25M in funding.