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- Blockstream, a bitcoin infrastructure provider, has become the latest company in the crypto sector to achieve unicorn status, after raising $210 million and valuing itself at $3.2 billion
- Spondoolies has designed and constructed five distinct mining devices since its founding in 2013 and was one of the first teams in the Bitcoin mining business to provide energy-efficient and high-performance mining gear
- Blockstream’s aim to develop the financial infrastructure of the future will be bolstered by the additional funding, which will include Bitcoin-focused financial products and the Liquid Network
Blockstream, a bitcoin infrastructure provider, has become the latest company in the crypto sector to achieve unicorn status, after raising $210 million and valuing itself at $3.2 billion. Blockstream was co-founded by cypherpunk and crypto OG Adam Back, who some think is Satoshi Nakamoto, the pseudonymous founder of Bitcoin. Blockstream focuses on different Bitcoin services such as mining, custody, and transferring. Blockstream received funding from two sources: Baillie Gifford, a Scottish investment management firm, and iFinex, a Hong Kong-based crypto exchange. The additional financing comes on the heels of Blockstream acquiring Spondoolies’ intellectual property and the core team joining Blockstream to help establish Blockstream’s ASIC division. Spondoolies is a Bitcoin mining hardware company created by industry professionals from Israel’s semiconductor industry.
Spondoolies has designed and constructed five distinct mining devices since its founding in 2013 and was one of the first teams in the Bitcoin mining business to provide energy-efficient and high-performance mining gear. Allen Farrington, an investment manager at Baillie Gifford, has recently joined Blockstream as a board observer. Blockstream claims the additional funds will be used to grow its workforce, accelerate BTC mining activities, and assist with the company’s recent acquisition of Israeli Bitcoin mining gear maker Spondoolies, according to a press statement. Blockstream said in June that it has formed a collaboration with Square Inc., led by tech mogul Jack Dorsey, to build a Bitcoin mining plant that runs entirely on renewable energy.
Blockstream’s aim to develop the financial infrastructure of the future will be bolstered by the additional funding, which will include Bitcoin-focused financial products and the Liquid Network. The Liquid Network is a sidechain-based settlement network that allows traders and exchanges to issue digital assets and conduct quicker, more secure Bitcoin transactions. It is run by a group of cryptocurrency firms from all around the world. Blockstream’s other mining products and services will benefit from the funding and purchase, including the recently released Blockstream Energy product, which maximizes renewable energy investment returns at power production sites. Blockstream’s work with Square to create an open-source, solar-powered mining facility in the United States is one example of how the new mining infrastructure will be used in partnerships throughout the world.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
