As a seasoned crypto investor with over a decade of experience navigating the volatile and exciting world of digital assets, I view Blockstream’s latest funding round as a strategic move that could potentially reshape the landscape of Bitcoin infrastructure. Having closely followed their journey since their early days, it is evident to me that they have been consistently pushing the boundaries of what is possible with blockchain technology.
Blockstream has closed a $210 million convertible note funding round led by Fulgur Ventures.
Based on reports from a Bitcoin (BTC) infrastructure company, the investment is intended to speed up the development of their second-layer solutions.
According to a statement from Blockstream, they intend to utilize part of the funds for expanding their Bitcoin mining operations and acquiring additional Bitcoins. Notably, MicroStrategy is a notable example of a company that has effectively implemented this approach in the crypto market.
As of writing, Michael Saylor’s publicly traded company has amassed 252,220 BTC.
This year in January, Blockstream disclosed plans to raise $125 million through a convertible note financing, with the intention of enhancing its institutional Bitcoin mining offerings. Furthermore, they expressed interest in securing another $50 million for a similar project, slated for August 2023.
Accelerating layer-2 networks
As a researcher, I’m excited to share that the recent announcement by Blockstream on October 15th indicates the successful completion of their $210 million convertible debt offering. This substantial investment will undeniably strengthen the advancement of our two primary layer-2 solutions: Liquid Network and Greenlight. I look forward to witnessing the progress these groundbreaking technologies will make in the coming days.
“This fundraise is pivotal in our journey to bridge Bitcoin with broader finance,”
Blockstream chief executive officer Adam Back.
Liquid Network is a Bitcoin layer-2 solution interoperable with Lightning Network.
Initiated in 2018 as the initial sidechain of Bitcoin, Liquid provides a platform that enables asset tokenization within the Bitcoin system. So far, over $1.8 billion worth of assets have been tokenized on this platform, according to Blockstream. Among these are stablecoins and securities represented by tokens.
As reported by Blockstream, there are approximately 3,844 Bitcoins that are securely stored on the blockchain. Moreover, the increasing acceptance of Liquid is evident in its role within the $300 billion real-world asset market, such as facilitating the issuance of one billion dollars worth of promissory notes by Mexico’s Mifiel.
Greenlight, developed by Blockstream, enables developers to integrate Bitcoin Lightning Network-based, non-custodial payment solutions into decentralized apps and businesses, thereby facilitating seamless transactions.
Blockstream has recently brought on board Michael Minkevich as their new head of operations. Previously, Minkevich worked as a product engineer at Luxoft, a company specializing in digital asset strategy and engineering.
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2024-10-15 21:40