Participated · Equity · Aug 2022

Galoy is an open-source banking platform that builds bitcoin-native banking software and powers El Salvador’s Bitcoin Beach Wallet. Its core product is the GaloyMoney bitcoin banking platform, accompanied by an application programming interface and an enterprise-ready Lightning Network gateway to let organizations access Lightning payments. The company launched Stablesats, a bitcoin-backed synthetic U.S. dollar intended to let users hold and transact a dollar-pegged balance on Lightning without exposure to short-term BTC volatility. Stablesats implements a hedging approach using perpetual inverse swaps and futures (the methodology is published on GitHub) and the company said it uses OKX for the futures trades. Galoy completed a $4 million capital raise to enable further development of GaloyMoney, the API, and its Lightning gateway. The funding is positioned to support ongoing product development and broader adoption of its open-source banking stack. Galoy builds an open-source Bitcoin banking platform that provides a secure backend API, mobile wallets, point-of-sale apps, compliance tools, and administrative controls. The company also offers hosted Banking-as-a-Service for fully managed implementations and publishes its complete codebase on GitHub. Its proof-of-concept Bitcoin Beach Wallet supported creation of a circular Bitcoin economy and is cited as an influence on El Salvador's adoption of Bitcoin as legal tender. Galoy targets communities, governments, and companies that want to offer Bitcoin financial services. Co‑founders Nicolas Burtey (CEO) and Chris Hunter (President) present the product as enabling easy launch of full-service Bitcoin banking and wider adoption via Lightning payments. Financially, Galoy recently closed a $3 million seed round led by Craft Ventures with participation from multiple funds and angels.