Blockstream has raised $210 million and acquires mining chip manufacturer
Blockstream raises $210 million in a Series B round
Bitcoin infrastructure firm Blockstream revealed that it had raised $210 million in a Series B financing round. This continues recent developments of cryptocurrency-focused companies raising funds to expand their operations.
Following this financing round, Blockstream is now valued at $3.2 billion. The company said it would use the funds to expand into chip manufacturing. The Series B funding round was led by the U.K. investment management firm Baillie Gifford and iFinex, Tether and Bitfinex’s parent company.
Blockstream acquires a mining chip manufacturer
Blockstream said the funds would be directed towards manufacturing chips for cryptocurrency mining. The company had acquired Israeli bitcoin mining hardware manufacturer Spondoolies for an undisclosed amount. However, Blockstream is now in charge of the company’s intellectual property and key employees.
Thanks to this acquisition and the funding, Blockstream can expand its cryptocurrency mining products and services. Furthermore, Blockstream said the funds would also help with the further development of its Liquid sidechain network