Blockstream, a prominent player in the Bitcoin infrastructure sector, has announced the successful completion of a funding round. The company raised $125 million through convertible notes and secured loan financing.
The funds will be put to increase the company’s institutional Bitcoin mining colocation services. This is because there is a huge demand for them.
Blockstream has established a reputation as a top Bitcoin mining operator. It has a strong reputation and notable presence in the industry.
The company is forecasting significant growth in revenue for 2023. It is planning to not only increase its renewable energy mining options but also to continue to innovate. It will create its Bitcoin mining equipment.
In addition to its mining operations, Blockstream has established itself as a leader in the evolving field of BTC “layer-2” technologies. Featuring Core Lightning and the Liquid Network.
These technologies make the issue of digital securities, stablecoins, and other financial products possible. They also enable non-custodial trading, secure smart contracts, and Bitcoin micropayments.
Blockstream Secures Funding To Accelerate Bitcoin Economy Development
Cash will enable business to quicken YoY revenue growth. Construct foundation for future Bitcoin economy, says Blockstream President and CFO Erik Svenson.
Company’s goal is to reduce risk for institutional bitcoin miners. Enable business customers to develop use cases on reliable, robust, and scalable blockchain. Bitcoin, says Blockstream President and CFO Erik Svenson.
Dr. Adam Back, CEO of Blockstream, noted that the market players have a chance to switch to BTC-based non-custodial architectures like the Liquid ecosystem of businesses with decentralized market technology because of the current focus on security and decentralization in the crypto sector.
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He pointed out that the Liquid platform provides straightforward contracts that enable active traders to attain self-custody via offline limit orders, non-custodial options, and collateralized loans, all while relying on the security of their own hardware wallets and private keys.