The company aims to accelerate the adoption and development of its layer 2 technologies, expand mining operations, and increase its bitcoin reserves.
Blockstream, one of the leading companies in Bitcoin infrastructure development, has announced the completion of a $210 million convertible note financing round, led by Fulgur Ventures.
The new capital will be used to accelerate the adoption and development of Blockstream’s Bitcoin layer 2 technologies, expand mining operations, and increase the company’s bitcoin reserves.
Adam Back, CEO of the company, stated:
“This latest fundraise represents a defining moment for Blockstream as we embark on a critical new phase of growth to further bridge the gap between Bitcoin and the wider world of finance.”
Blockstream’s layer 2 solutions include Liquid Network, a federated Bitcoin sidechain that can deploy multiple types of tokenized assets, and Core Lightning, an implementation of the Lightning Network.
Blockstream aims to capitalize on increasing interest in Bitcoin as an asset class and broader tokenization potential in general to position Liquid as the “de facto infrastructure” for tokenizing real-world assets within the Bitcoin ecosystem.
The company claims that over $1.8 billion in assets, including stablecoins, tokenized bonds and securities, have been issued on Liquid to date, with over 3,844 BTC (around $250 million) locked on-chain.
Alongside the funding announcement, Blockstream also communicated the addition of Michael Minkevich to its leadership team. The former product engineering lead at global IT service provider Luxoft will take on the role of chief operating officer (COO).
Following his appointment, Minkevich stated:
“Blockstream has a unique product portfolio and one of the best engineering teams building reliable Bitcoin solutions, making it perfectly suited to lead the ongoing transformation of the fintech industry.”
Back added:
“We are especially excited to welcome Michael Minkevich as COO and grateful for the support of Fulgur Ventures, whose combined expertise will be vital, as we look to capitalize on new opportunities across the financial industry and other key sectors.”