Asset management company launches business incubator for the BTC Lightning Network.

Wolf’s Clothing is the first startup incubator that specializes in the Bitcoin Lightning Network and the Taro protocol. Stone Ridge, the holding company of Bitcoin company NYDIG, founded it (Wolf).

The incubator consists of 8-week programmes that bring the top company founders and teams from around the world to New York City while covering their lodging and travel expenses.

A $250k investment is promised to the teams that apply and are selected for the programme. At the conclusion of each programme, one team will be selected by a judging panel to earn an additional $500,000 in financing for the demonstration day.

The programs will run four times a year, with the first one beginning in April of the following year and accepting applications right now.

One-on-one mentorships and access to a variety of specialists are two other advantages of the programme, according to Kelly Brewster, CEO of Wolf.

The Lightning Network has seen a remarkable expansion in its capacity over the past year despite macroeconomic headwinds and a significant decline in the price of Bitcoin (BTC tickers down $20,740), recently exceeding the 5,000 BTC threshold after having just reached 4,000 BTC in June.

The layer-2 solution known as the Lightning Network, which is built on top of Bitcoin, enables users to send satoshis—the smallest unit of currency that Bitcoin can be divided into—at faster rates and with cheaper fees.

The Lightning Labs-developed Taro protocol, which is powered by Taproot, enables the transfer of assets created on the Bitcoin blockchain to the Bitcoin Lightning Network.

Taro enables the Lightning network to evolve into a multi-asset network with Bitcoin at its center, to put it another way.

The network’s capacity is currently sitting at 5,140 BTC, according to data from 1ml, which represents a rise of 5.43% over the previous month. Median transaction fees are also far below 1 millionth of a cent per satoshi.