PANews reported on February 6 that according to an official announcement from Flashnet, it completed a US$4.5 million seed round of financing, led by Abstract, with participation from UTXO, Soma Capital, HF0, Chapter One and other institutions.

Flashnet is committed to building a permissionless, non-custodial Bitcoin native exchange that eliminates reliance on intermediaries and fully on-chains BTC transactions to reduce transaction costs, eliminate counterparty risk, and provide 24/7 permissionless access.

In addition, Flashnet is working with Brale to launch USDB, the first Bitcoin stablecoin, and Privy to optimize the user experience. The platform plans to announce more details in the coming weeks and prepare for the official launch.