Blockstream raises $210 million in new funding to buy more Bitcoin and expand mining operations
Bitcoin infrastructure developer Blockstream is set to accelerate its growth ambitions with a new $210 million round of funding. The company has been drawing attention following CEO Adam Back’s appearance in an HBO documentary, and the funding came courtesy of a funding round led by Fulgur Ventures.
HBO had highlighted Adam Back for his closeness to Satoshi Nakamoto and even the claim that he could be him.
Blockstream said they will use this capital to accelerate the adoption of Bitcoin Layer 2 technologies, expand mining operations, and increase the Bitcoin treasury.
Adam Back stated that this new investment is an important milestone for Blockstream. Emphasizing that the company has entered a new phase of growth, Back said that this process aims to fill the gap between Bitcoin and the traditional financial world.
Blockstream’s Layer 2 solutions include the Lightning Network, which enables fast and cheap trading of tokenized assets, and the Liquid Network, a federative Bitcoin sidechain that can be used with a wide variety of assets.
Blockstream plans to leverage Bitcoin’s growing appeal as an asset class and its potential for tokenization to make the Liquid Network the foundational infrastructure for tokenizing real-world assets.
There are various cryptocurrencies
The company said it has issued more than $1.8 billion worth of stablecoins, tokenized bonds, and securities on the Liquid Network to date. Products that use the platform include Bitfinex’s tokenized securities offerings and STOKR’s MicroStrategy Stock Note.
Blockstream also launched the third series of its BMN2 security token last month, which provides direct exposure to the company’s Bitcoin mining operations. The company announced another significant leadership move as it moves into this new phase.
Michael Minkevich, former product engineering manager at global IT service provider Luxoft, has been appointed as the company’s new chief operating officer. Minkevich emphasized that Blockstream is a trusted leader in developing Bitcoin solutions and is capable of leading the transformation in the fintech sector.
Stay tuned for new information.
