Miami-based bitcoin startup TMRW has raised $1.3 million in seed funding to develop its social payments app powered by bitcoin's Lightning Network. Maple VC led the funding round and bitcoin angel investors like Brad Mills joined the round.
TMRW aims to leverage the speed and low costs of the Lightning Network to enable cross-border peer-to-peer payments via Spark of light and ZeroHashThe app uses Universal Money Addresses, an open payment standard built on Lightning, to send fiat currencies and bitcoins instantly across borders.
This allows TMRW to facilitate fast and affordable remittances to regions like the Caribbean, where traditional providers charge high fees. Remittances are an important use case for bitcoin and Lightning, as they offer significant cost savings compared to traditional finance.
TMRW co-founder Alexandra Lutchman said the app shows how bitcoin can enable borderless payments for family and friends around the world. The startup wants to illustrate the everyday utility of bitcoin and make payments social.
The app includes features like adding messages, emojis, and images to payments. TMRW also helps onboard new users by allowing them to earn rewards in bitcoin and see how their contacts use bitcoin.
TMRW is currently piloting in the Caribbean and has opened its iOS beta to US users. The funding will help expand into the US market and make bitcoin and fiat transfers available globally.
Adoption of bitcoin Lightning for remittances and cross-border transfers has increased as it offers significant cost savings compared to traditional providers. Remittances are one of the first uses of bitcoin and Lightning, as they allow money to be sent abroad faster and cheaper.
