Why we invested in Bitlum. Launched in 2017 by Andrey Samokhvalov, Bitlum was one of the first online Bitcoin Lightning Network wallets delivered entirely through the browser. Users could send and receive Lightning payments instantly without running their own node, configuring channels, or managing low-level network plumbing. For an emerging protocol still finding its footing, Bitlum offered a remarkably accessible on-ramp.

In 2019, when we backed Bitlum, Lightning itself was barely past prototype. Wallets were technical, channels were fragile, and the user experience demanded patience few outside Bitcoin engineering circles possessed. Bitlum took the contrarian bet: hide the complexity, custody the channels, and let users experience instant micropayments through nothing more than a URL. It was an early but serious attempt at productizing Lightning before the ecosystem was ready.

Bitlum reflected our consumer wallets and applications thesis at its earliest stage. We have always backed founders willing to ship Bitcoin user experiences ahead of consensus, accepting the risk that markets and infrastructure may not have matured enough to support them. Andrey's technical depth and willingness to engage Lightning before it was fashionable signaled exactly the kind of conviction we look for in early-stage Bitcoin builders.

Bitlum wound down operations in October 2019. The product is no longer active, but the lessons compounded. Andrey later joined Fulgur Ventures as a partner, channeling his hands-on Lightning experience into supporting the next generation of Bitcoin companies. In a market that often venerates only outcomes, we believe early conviction and hard-earned operator insight are equally worth recognizing.

Bitlum closed, but its bet on Lightning has been thoroughly vindicated. We are proud to have backed it then, and prouder still to keep building with Andrey today.