When Blockstream launched its final Series B investment round, raising $210 million in August 2021, it was valued at $3.2 billion. According to the research, that worth may have dropped by roughly 70% to less than $1 billion today.
Adam Back, the CEO of Blockstream and a cryptographer, would not disclose the specifics of the most recent investment round, but he did say that the money will be used to increase the company’s mining capacity.
“We rapidly sold out all of the capacity and have a big backlog of existing and new customers with miners seeking large-scale hosting with us,” he said.
Founded in 2014, the firm has raised $299 million in total as of this writing, according to Crunchbase data. It offers infrastructure support to the cryptocurrency sector and most recently collaborated with fintech company Block to open a mining operation that is powered by solar and batteries.
Over the years, it has also acquired a number of companies, including SponDoolies-Tech and Adamant Capital.
To create a solar-powered Bitcoin mining facility, the company is collaborating with Jack Dorsey’s Block (previously Square).
Following the failure of crypto exchange FTX, Blockstream is not the only crypto company that has had to lower its ambitions as market circumstances worsen. According to sources, Amber Group is also raising money and is doing so at values that are either unchanged from earlier rounds or lower.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
The crypto scene is constantly evolving, and certain currencies show significant promise for the upcoming…
While some altcoins like PEPE, XRP, ONDO, and PYTH may not show significant short-term growth,…
Ripple Trading Volume Increases 40% Quarterly Amid Ongoing SEC Lawsuit
Notcoin first campaigns will be launched next week, offering rewards but cautioning against unstaking.
LayerZero Labs wraps up LayerZero sybil self-report and identifies 803,093 potential fraudulent addresses.
The Coinbase outage was attributed to an error in the Coinbase Card reward service, causing…
This website uses cookies.