Stillmark, a major investor in Lightning Network infrastructure providers Lightning Labs and Voltage, said Thursday it appointed former Google X engineer Vikash Singh as its principal investor.
- Stillmark has so far raised $40 million, specifically for investing in startups that utilize Bitcoin and the Lightning network.
- Stillmark said its first fund was oversubscribed twice over.
- Prior to Google X, Singh spent five years at Heal, a Series D stage health tech company that utilizes artificial intelligence (AI) and deep learning, which he joined at seed stage.
- In an interview with CoinDesk, Singh called Bitcoin a “moonshot” technology that’s a fundamental evolution of financial technology tjat levels the playing field for many people.
- Singh wants Bitcoin to be a “stable base layer for people to be their own bank and be independent.”
- Compared with other cryptos bitcoin (BTC) is a “clear winner in the race for money over the internet,” he said.
- Lightning Labs has been fundamental in El Salvador adopting bitcoin as legal tender and making it available alongside cash as a payment mechanism.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.