Blockchain technology startups remain a hot commodity. Especially now that China and other nations plan to fully embrace this innovative technology.
Lightnet, a blockchain startup based in Thailand, recently completed a major funding round.
A Major Success for Lightnet
In the end, the outfit will pocket $31.2 million from a round led by United Overseas Bank.
Other crucial investors include HashKey Capital, Signu Capital, and Seven Bank.
Lightnet envisions a world where the entire remittance market will be powered by blockchain technology.
This approach will provide more viable solutions to the unbanked migrant workers in Southeast Asian markets.
More specifically, the company deems the widely-used Swift system to be woefully inefficient.
Instead, Lightning wants to replace this system altogether by leveraging smart contracts and distributed ledgers.
This approach will also aid in connecting existing financial systems with non-bank agents and fiat-transaction network solutions.
With this new funding, the company can further beefen up its underpinning technology.
It is worth mentioning that Lightnet leverages the Stellar blockchain for its specific purposes.
The first transaction to take place over Lightnet should occur in Q1 2020.
On the integration front, the Thai blockchain startup will integrate with MoneyGram, Yeahka, and Ksher.
This confirms the objective of quickly expanding across Southeast Asia in an aggressive manner.