- Blockstream will use $210 million in debt financing to drive adoption of its Layer 2 options
- The corporate may even use the funds to extend its mining operations and money stream.
Blockstream, a Bitcoin infrastructure firm based by trade OG Adam Again, introduced that it has raised $210 million to fund varied facets of the corporate's operations.
Agency eyes L2 progress, mining and Bitcoin treasury
Blockstream mentioned in an Oct. 15 press launch that the convertible word spherical, led by enterprise capital agency Fulgur Ventures, would assist speed up adoption of its Layer 2 platforms. Blockstream may even use a part of the funding to spice up its mining operations forward of the “subsequent Bitcoin market cycle.”
In August 2023, the corporate raised $125 million which it used to develop its mining operation because the market seemed in direction of the 2024 Bitcoin halving which occurred in April.
Blockstream Closed $210 Million Convertible Notice Funding Spherical Led by @FulgurVenturesdriving our mission to introduce Bitcoin to world finance.
This capital accelerates Layer 2 improvement, expands mining forward of the subsequent Bitcoin cycle, and grows one of many world’s largest… pic.twitter.com/gi1ov0LCYU
-Blockstream (@Blockstream) October 15, 2024
Along with the L2 initiatives, which embrace the Liquid Community sidechain launched in 2018, Blockstream plans additional progress by utilizing the funding to buy extra BTC. The corporate is among the largest holders of Bitcoin.
“This newest fundraising represents a defining second for Blockstream as we start a crucial new part of progress to additional bridge the hole between Bitcoin and the broader world of finance,” mentioned Adam Again, co-founder and CEO from Blockstream.
Along with the debt financing, Blockstream introduced that it has expanded its management with a brand new appointment. Michael Minkevich will now lead the corporate's subsequent part of progress as Chief Working Officer. The brand new COO beforehand labored for publicly traded firm Luxoft as a senior product engineer.
