Victoria-based Bitcoin infrastructure firm Blockstream has raised USD $210 million as part of our Series B financing and has hit unicorn status with its latest valuation at USD $3.2 billion.
The new capital will go towards accelerating their Bitcoin mining efforts and the acquisition of Spondoolies to launch an enterprise-grade miner, continuing to scale the Liquid Network, and expanding their team of dedicated hodlers across all departments to keep pace with growth.
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Blockstream’s new backers, which join existing investors such as Twitter CEO Jack Dorsey, are the United Kingdom-based private equity firm Baillie Gifford and Hong Kong-based iFinex, the operator of crypto exchange Bitfinex.
Blockstream was founded by Dr. Adam Back and a group of developers passionate for Bitcoin and its potential to transform money.
In 2014 the startup raised USD $21 million in seed funding and began building that vision through the Liquid Network, a Bitcoin sidechain, and c-lightning, one of the main implementations of the Lightning Network.
In 2016 they raised a USD $57 million Series A round.