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Blockchain-based remittance network Lightnet raises $50 million

Blockchain-based remittance network Lightnet raises $50 million

Singapore-headquartered cross-border remittance firm Lightnet has secured a $50 million capital commitment from LDA Capital.

Lightnet will have the option to increase the $50 million to a total commitment of up to $100 million over the next three years.

The funds will be utilised to facilitate web 3.0 payment and blockchain ledger-based remittance services focused across Asia Pacific by expanding operating corridors and obtaining licences.

Operating in concert with close partner Velo Labs, Lightnet aims to create the first, real-time blockchain settlement flow for remittance and payments between Money Transfer Operators (MTOs) and banking institutions under regulatory supervision and support.

The group intends to pilot programmes that enable remittance backed by distributed ledger technology through multiple channels including the use of stable coins, bypassing the traditional Swift settlement process.

Tridbodi Arunanondchai, co-founder & CEO of Lightnet, says: "We're thrilled with this partnership and are so glad that LDA Capital recognizes the value of the new generation remittance services. This investment will allow us to grow and expand our infrastructure, which partners can participate in and grow business solutions. Our unique architecture makes the solution accessible and attainable for anyone to adopt the service."

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