Blockstream Raises $210M: The $3.2B Company Will Expand into Manufacturing Mining Chips
24 Aug, 2021•2 min read•Mining
The valuation of the company has risen above $3 billion after completing the Series B round in which some of the participants included iFinex and Baillie Gifford. Blockstream aims to use the funds towards manufacturing mining chips.
As reported by Canadian media on August 24th, Blockstream has further solidified its positioning as a cryptocurrency unicorn firm following the latest funding. The UK private equity firm Baillie Gifford and iFinex, the parent company of Bitfinex and Tether, participated in the round, while other organizations were not named. “We have enormous respect for Blockstream’s founders and management team. We believe its settlement network for bitcoin-based assets and securities has the potential to transform the design and operation of capital markets.” – reads a statement from the UK company. Blockstream’s Chief Strategy Officer, Samson Mow, promised that the fresh funds will be utilized to enhance the firm’s mining operations. The Canadian-based company has also acquired an Israeli manufacturer of ASICs – Spondoolies for an undisclosed sum. The latter’s team will join Blockstream to build a brand new ASIC arm – devices geared to mine Bitcoin and other cryptocurrencies employing the proof of work consensus mechanism. Mow indicated that the new branch could arrive “some time” next year, so “there’s a long-time horizon before we will be able to get it to market.” “I’m confident [we] will be able to work together to get greater efficiency in ASICs and our ability to mine Bitcoin.” – Mow added. Earlier this year, Blockstream partnered with Jack Dorsey’s Square to release a solar-powered BTC mining facility in the US.