Speed

Speed is a payments infrastructure company built on Bitcoin's Lightning Network, offering both a consumer wallet and a merchant payment gateway for instant, near-zero-fee transactions in Bitcoin and stablecoins. Operating under the corporate entity Speed1, Inc., the project launched in December 2021 with the goal of turning cryptocurrency into a practical medium of exchange rather than a speculative asset class.

Two Products, One Infrastructure

Speed operates two distinct but interconnected products. Speed Wallet (speed.app) is the consumer-facing application available on iOS, Android, and as a Chrome browser extension. It lets users buy, hold, send, receive, and swap Bitcoin (BTC), USDT on Lightning (USDT-L), USDC, and Tether Gold (XAUT). Users can fund their wallets via Apple Pay, credit cards, or bank transfers, and complete identity verification quickly to access the full feature set. The wallet also includes an embedded Mini Apps ecosystem — a sandboxed environment of lightweight web applications for gaming, e-commerce, streaming tips, and other use cases — all connected to the user's Lightning address and balance.

Speed Merchant (tryspeed.com) targets businesses and developers. It provides a Lightning payment gateway with REST APIs, SDKs, webhooks, and a sandbox environment for integration. Merchants gain access to instant settlement in under three seconds, zero chargeback risk through irreversible Lightning transactions, and up to 90% lower processing fees compared to traditional card networks. The gateway handles payments, payouts, and fiat onramp/offramp across 100+ countries.

Lightning Network as Core Architecture

Speed's primary technical foundation is the Bitcoin Lightning Network, a layer-2 protocol that routes payments off-chain through a network of payment channels. Transactions settle in under two seconds with fees measured in fractions of a cent and no throughput limits. Speed emphasizes Lightning's 99.99% uptime record as a structural advantage over proof-of-stake networks that have experienced periodic downtime.

The most significant technical development has been USDT on Lightning, implemented using the Taproot Assets protocol developed by Lightning Labs. This allows Tether (USDT) to be issued and transferred natively on the Lightning Network as USDT-L, extending stablecoin utility without dependence on Ethereum's gas fees or TRON's infrastructure. Users can acquire USDT-L by bridging from Ethereum-based USDT or by receiving Lightning payments that auto-convert to USDT-L. Speed's fee comparison positions USDT-L at approximately 0.05% transaction cost, well below Ethereum ($0.50 to $7 per transaction), TRON ($1.50 to $3.50), and Solana ($0.01 to $0.20).

Multi-Network Stablecoin Support

While Lightning Network is Speed's primary settlement layer, the platform supports USDT across multiple blockchain networks — including Ethereum (ERC-20), TRON (TRC-20), and Solana — giving users flexibility in how they receive and send funds. Speed's wallet acts as a unified interface across these networks, allowing users to send from one network and receive on another. This multi-network reach positions Speed as stablecoin infrastructure that bridges Bitcoin-native payments with the broader ecosystem, rather than an exclusively Bitcoin-only product.

Scale and Traction

As of late 2025, Speed processes over $1.5 billion in annual payment volume and serves 1.2 million users and businesses globally. The platform operates in 180+ countries, with particular traction in regions where high remittance costs and limited banking infrastructure make Lightning-based transfers attractive.

Funding and Investors

In December 2025, Tether led an $8 million strategic investment round in Speed, with co-investor ego death capital. The investment reflects Tether's strategic interest in expanding USDT's utility within Bitcoin-aligned payment infrastructure. Tether CEO Paolo Ardoino framed Speed as evidence that the Lightning Network can support real commercial-scale transactions when paired with a stable digital dollar. The funding is earmarked for scaling Speed's payment infrastructure and expanding USDT-L adoption globally.

Team

Speed was co-founded by Niraj Patel (CEO), Jay Patel, and Raj Patel. Sumit Behl serves as CMO. Jay Patel has described Speed's competitive thesis as addressing significant issues linked to high transaction fees and network congestion on major blockchain networks, presenting Lightning as an alternative that scales without sacrificing decentralization or predictable costs.

Security and Compliance

Speed holds three enterprise-grade security certifications: SOC2 Type 2, PCI-DSS, and ISO 27001. The platform also maintains KYC and AML compliance. The merchant gateway infrastructure is rated at 99.99% reliability and designed for enterprise integration without middleware dependencies.

Ecosystem Fit

Speed occupies a cross-chain payments niche — primarily Bitcoin and Lightning-native, but with multi-network stablecoin support that includes Solana. Its Mini Apps platform creates a developer ecosystem within the wallet, and the merchant gateway provides institutional-grade tooling for businesses that want to accept crypto without holding it. The Tether backing deepens Speed's role as a key distribution channel for USDT on Lightning, an emerging alternative to stablecoin usage on EVM and Solana-based networks.