Bitcoin startup from Miami TMRW has raised $1.3 million in pre-seed funding to develop its social payments app powered by the Bitcoin Lightning Network. Maple VC led the funding round and Bitcoin investors like Brad Mills joined the round.
TMRW aims to leverage the speed and low cost of the Lightning Network to enable cross-border peer-to-peer payments via Spark of Light And NulHashThe app uses Universal Money Addresses, an open payment standard based on Lightning, to send fiat currency and Bitcoin instantly across borders.
This allows TMRW to facilitate fast, affordable remittances to regions like the Caribbean, where traditional providers charge high fees. Remittances are a key use case for Bitcoin and Lightning because they provide significant cost savings compared to traditional forms of financing.
Alexandra Lutchman, co-founder of TMRW, said the app shows how Bitcoin can unlock borderless payments for family and friends around the world. The startup aims to illustrate the everyday utility of Bitcoin and make payments social.
The app includes features such as adding messages, emojis, and images to payments. TMRW also helps onboard new users by letting them earn Bitcoin rewards and see how their contacts are using Bitcoin.
TMRW is 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.
Bitcoin Lightning is increasingly being used for money transfers and cross-border transfers as it offers significant cost savings compared to traditional providers. Money transfers are a key early use case for Bitcoin and Lightning, making it cheaper and faster to send money abroad.