Quick take:
- The company offers a Bitcoin-based sidechain, Liquid Network which can deploy multiple tokenised assets and Core Lightening, which enables faster and cheaper BTC transactions.
- Blockstream has already onboarded crypto exchange platform Bitfinex as one of the users of its sidechain, while STOKR used it to issue MicroStrategy’s CMSTR tokenised note.
- The company claims to have more than $1.8 billion in assets including stablecoins, securities and tokenised bonds.
Blockstream has completed a $210 million convertible note sale led by Fulgur Ventures. The Bitcoin treasury services provider plans to use the capital to expand its Bitcoin mining business and advance the adoption of its layer-2 technologies.
The company offers two products: the Liquid Network, a Bitcoin sidechain that allows companies to deploy multiple tokenised assets, and Core Lighting, which enables faster and cheaper Bitcoin transactions.
Blockstream’s Liquid Network has already onboarded notable companies including crypto exchange platform Bitfinex, which has adopted it for its tokenised securities offerings, and STOKR, which used it to issue MicroStrategy’s CMSTR tokenised note, which is fully backed by Microstrategy’s shares.
Blockstream co-founder and CEO Adam Back commented on the announcement: “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.”
The mining operations expansion is part of Blockstream’s preparation for the “next Bitcoin market cycle,” The Block reported citing a statement from the organisation.
According to the announcement, Blockstream claims to have more than $1.8 billion in assets deployed using Liquid including stablecoins, securities and tokenised bonds.
This fundraising also comes as the Bitcoin blockchain continues to grow as a major ecosystem in the real-world asset tokenisation market.
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