Company Name: LNbits
Founders: Ben Arc
Date Founded: Project: 2019 | Company: 2022
Headquarters: Fully remote (majority of developers based in Europe)
Bitcoin Treasury: N/A
Employees: 6 (+ several dozen other developers)
Website: https://lnbits.com/
Status: Private
LNbits, envisioned by Ben Arc about five years ago, is a free and open-source software designed to work with any Lightning Network funding source. It offers a variety of extensions for personal and business applications.
Inspired during a meeting with Christian Russo, LNbits started as a project to build a point of sale (PoS) extension for the Bitcoin bar Room 77 in Berlin, owned by Jörg Platzer. The success of this initial project led to the development of LNbits to streamline future work.
The Development Team Emerges
Over the years, talented developers like Calle, fiatjaf, Pavol Rusnak, and others gravitated to LNbits, forming a highly skilled team akin to the Wu-Tang Clan in the Bitcoin and Lightning space.
Arc, the creator, welcomed this collaboration born out of practicality to avoid redundancy in their work.
As LNbits gained traction and major players started using it, the need for a stable version became apparent. This realization prompted the formation of LNbits as a company to invest in the software’s development.
Funding and Growth
LNbits secured approximately $1 million in investment from venture capitalists, enabling steady progress without compromising its open-source nature. Arc emphasized the importance of community alignment to prevent poor decisions in software development.
Preparing for Launch
LNbits, despite being in beta, has gradually improved functionality. The upcoming version includes funding and swapping services, enhancing user experience and functionality.
Future Endeavors
Looking ahead, Arc aims to stabilize version one and expand educational resources for LNbits users and developers. The potential for integrations with Nostr and IoT excites him, highlighting the versatility and innovation LNbits offers.
With the launch of version one approaching, Arc anticipates a new chapter of creativity and growth for LNbits, driven by fun extensions and product services.
As LNbits continues to attract top talent and spark revolutionary ideas, the future remains open to endless possibilities, promising continued advancements in the Bitcoin and Lightning ecosystem.
