Introducing: Synota
Today we announce the second investment by ego death capital in Synota, a Bitcoin technology company providing transformative transaction capabilities and instant settlements to the energy industry, with the goal of reducing energy bills, unleashing innovation and promoting global energy abundance.
Bitcoin and energy are synonymous, merging over time due to positive incentives for energy producers. Synota intends to accelerate the integration of these two fundamental aspects of the new global financial system. Their platform allows for decentralized energy and a more powerful incentive than ever for energy and Bitcoin to work together.
For the first time in decades the entire world is experiencing a period of significant concern over energy availability and price. While the US has achieved a degree of energy self-sufficiency, there continue to be challenges with reliability, cost, and distribution. We are so excited to support a passionate group of people who are working to improve availability of energy both in the US and other developed nations, as well as in emerging markets.
Synota’s founding team CEO Austin Mitchell and CAO Lisa Scott and other key team members have spent decades – their entire careers – in the energy industry. They saw the potential for Bitcoin and the Lightning Network to solve some of the major problems experienced by the companies they worked for. What they observed was the significant disconnect between when and how energy flows compared to when and how the payments for such flows are settled – resulting in cash lag, credit risk and increased energy costs.
Synota resolves these issues by integrating existing hardware and software in the energy industry with Bitcoin’s Lightning Network, an open-source, peer-to-peer payment technology. Synota’s settlement platform offers limitless transaction capability and instant settlements. Synchronizing the flow of energy with payments removes the financial friction currently inhibiting energy investment and innovation.
Enabling companies to settle transactions more frequently, based on real-time usage data, reduces counterparty risks and the cost of holding collateral. Combined with the reduction in overhead costs from automating back office processes, Synota ultimately lowers the cost of energy for consumers.
Bitcoin mining is rapidly being adopted as a mechanism to help grids to become more efficient, more reliable and greener. By making it easier and more efficient for Bitcoin miners to plug into energy grids, Synota’s technology can further promote and enhance this impactful development.
We absolutely love the passion that the team brings for both energy and Bitcoin. The founders have brought together a stellar advisory board as well as a fantastic Lightning engineering team led by Max Dignan. And their vision is huge.
It is a big step forwards in real world use cases of the Lightning Network enabling Bitcoin as a payment network – for Bitcoin to be money.
We at ego death capital are proud to support the Synota team and to lead their Seed round. We can’t wait to see what the future holds for the team and for Bitcoin.