Lyzi Secures $1.4M to Grow Tezos-Powered Crypto Payment Service for Retailers

Key Points to Know:

• Crypto payment platform Lyzi raised $1.42 million in seed funding to further develop its services.

• Built on the Tezos layer-1 blockchain, Lyzi enables consumers to make everyday retail and e-commerce payments using cryptocurrency.

• The next step for Lyzi is launching on Tezos' layer-2 Etherlink, which is compatible with the Ethereum Virtual Machine.

Tezos-based crypto payment hub Lyzi announced it raised 1.3 million euros ($1.4 million) in a seed funding round to further develop its platform.

The funding round saw participation from angel investors Christopher Grilhault des Fontaines, founder of Dfns, and Jean-Luc Bernard, founder of Astek, as per an emailed announcement shared with CoinDesk on Tuesday.

Lyzi, built on the Tezos layer-1 blockchain, allows consumers to pay with cryptocurrency for everyday transactions in retail and e-commerce. Merchants can accept these payments in crypto and instantly convert them to fiat in their bank accounts.

With the seed funding secured, Lyzi plans to expand by launching on Tezos' layer-2 solution, Etherlink, which is compatible with Ethereum Virtual Machine (EVM), the technology behind Ethereum, the second-largest blockchain.

"Our goal is to make crypto payments so simple that merchants will ask themselves, 'Why wouldn’t I do that?'" said CEO Damien Patureaux in Tuesday's announcement.

He added that building on Etherlink marks the next phase in their plan to expand into more markets globally.