Blockstream raises $210 million for a $3.2 billion valuation

A valuation of $3.2 billion

On its Twitter account, Blockstream announced the closing of a $210 million Series B round of funding. This new round of funding allows Adam Back’s firm to be valued at nearly $3.2 billion.

According to the release, UK investment management firm Baillie Gifford and iFinex (the parent company of cryptocurrency platform Bitfinex) participated in the fundraising.

The purpose of the funding is to allow Blockstream to expand into the mining industry, including the manufacturing of ASICs.

In addition, this expansion was accentuated by the acquisition of the company Spondoolies. Indeed, the release states that Blockstream has acquired the Israeli firm specializing in the manufacture of bitcoin (BTC) mining equipment.

In addition, the capital will also be used for the development of new financial products centered on bitcoin and to optimize the sidechain Liquid intended for financial players.

In addition to the financial background, the deal brings Allen Farrington, Baillie Gifford’s chief investment officer, onto Blockstream’s board.

“Blockstream’s bitcoin-based development and asset management platforms can help significantly decentralize financial infrastructure, democratize control of investment products, and firmly embed openness in the financial markets. I look forward to working closely with Blockstream to make this a reality,” said Alain Farrington.

Previously, Blockstream had already raised $21 million in seed funding and it was only in 2016 (to accelerate its growth) that the firm completed its first Series A round to raise nearly $57 million.

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About the author : Anthony Bassetto

Blockstream raises $210 million for a $3.2 billion valuation