Circle launches Synonym to push Bitcoin adoption through Lightning Network

The USDC issuer company is planning hard to push the adoption of Bitcoin with their new initiative with an independent financial entity.

USDC is the second most popular Stablecoin in the crypto market. And the company behind the USDC is active in the crypto space and non-crypto space to integrate the world with crypto and blockchain networks.

On Tuesday, Circle firm launched Synonym Software Ltd. Synonym company is independent of the Circle firm but still, the owner of the company is under the circle. The main aim of this newly launched company is to push Bitcoin adoption through the use of the Bitcoin lightning network. 

The main aim of the Synonym company is to enable self-ownership and control of crypto assets by creating an open financial environment with Bitcoin and the Lightning Network. 

John Carvalho, CEO of the firm, said that adoption of Bitcoin at a high level will not take place easily and further continues

“To live in a world without big banks, oppressive regulations, or Big Tech presiding over our lives, we need a strategy and ecosystem to replace the legacy economy. That is where Synonym comes in.”

The first-ever protocol that will be launched by the Synonym will be Slashtags. slashtags will not remain dependent on blockchain technology and also any company will be able to integrate into their platform for coordination, privacy, and consensus.

It seems that Circle firm was planning for the Synonym company for a long time because the launching of a new company was done just after the Bitcoin soft Fork Taproot. 

In the past, actions and activities of the Circle firm showed that the firm always did its works under full compliance with the regulatory framework, and also in the latest statement, the firm said that they welcome the regulation on the stablecoins issuer companies just like Banks, as proposed by the Congress. 

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