Blockstream, a Montreal, Canada-based Bitcoin infrastructure firm, raised USD125M in convertible note and secured loan financing.
Kingsway Capital led the convertible note, with other investors including Fulgur Ventures.
The company intends to use the funds to expand its renewable energy mining products, and continue developing its own bitcoin miner.
Led by CEO Dr. Adam Back, Blockstream offers a Bitcoin and blockchain infrastructure. Its sidechain technology (Liquid Network) enables Bitcoin swap settlements and secure, dependable smart-contracts while empowering financial institutions to tokenize assets. The company provides colocation services to miners, across multiple enterprise-class mining facilities. Its Core Lightning implementation of the open Lightning Network protocol is the go-to code for enterprise Lightning Network deployments on Bitcoin. Blockstream Jade is an open-source hardware wallet that offers advanced security for Bitcoin and Liquid assets.
Commenting on the news, Blockstream President & CFO, Erik Svenson said: “This fundraise allows us to accelerate the YoY revenue growth we created with our 2021 Series B and continue to build infrastructure for the future Bitcoin economy.
“We remain focused on reducing risk for institutional bitcoin miners and enabling enterprise users to build high-value use cases on the most secure, robust, and scalable blockchain in the world – Bitcoin,” he added.
FinSMEs
25/01/2023