Lightning Startup Zap Raised $3.5M for Bitcoin App Ahead of Visa Deal

The Lightning startup Zap Inc. just raised its first round to build out both mobile bitcoin wallet services and a Visa partnership in 2020.

AccessTimeIconJul 16, 2020 at 8:26 p.m. UTC
Updated May 9, 2023 at 3:10 a.m. UTC

Lightning startup Zap Inc., maker of both the namesake, non-custodial bitcoin wallet and the payments app Strike, raised its first round in April, led by Green Oaks Capital and including veteran bitcoin investor Anthony Pompliano.

The funding was first reported by Forbes on Wednesday.

  • Meme Coin Liquidity Hits Record High
    00:46
    Meme Coin Liquidity Hits Record High
  • How Ledger Stax Plans to Make Self-Custody More Mainstream
    16:42
    How Ledger Stax Plans to Make Self-Custody More Mainstream
  • Why Dogecoin Is a 'Weird' Investment
    16:39
    Why Dogecoin Is a 'Weird' Investment
  • AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
    00:47
    AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
    • Founder Jack Mallers’ previously bootstrapped startup is now the latest jewel in the Green Oaks Capital crown, as the firm previously invested in fintech unicorns Robinhood and Stripe. 
    • Zap Inc., founded in 2017, is run by a staff of 13 people spread out from Chicago to Barcelona to Berlin. 
    • The team plans to issue a Visa card in 2020, making it one of the smallest startups to offer exchange services with mainstream liquidity in dollars. 
    • Zap Inc. investor Colleen Sullivan of CMT Digital said, "We believe that Zap/Strike will bring the use of the Bitcoin protocol and the Lightning Network to the masses, resulting in a much more efficient and cost-effective way for users to send and receive money while abstracting away the complexities of the underlying technology." CMT Digital is also invested in Lightning Labs.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.