Bitcoin and blockchain infrastructure company Blockstream Corp. announced Tuesday that it has raised $210 million in new funding led by Fulgar Ventures.
The company said the funds will be used to expand the development and adoption of its Bitcoin Layer 2 technology, which will be used to scale up blockchain transactions, mining operations, and financial product development.
Blockstream’s Liquid Network, a Layer 2 solution devised by Blockstream co-founder and CEO Dr. Adam Back, provides a “side blockchain” protocol built on top of the Bitcoin blockchain. Responding to the growing demand for secure and scalable Bitcoin-based financial products. .
Liquid’s capabilities enable faster transactions with block times of 1 minute compared to 10 minutes previously, confidential transactions, and the provision of new asset types such as securities and digital collectibles. The network also brings greater scalability and programmability to the Bitcoin blockchain, allowing developers to build applications on top of the blockchain.
The company said more than $1.8 billion in assets, including stablecoins, tokenized bonds and securities, have been issued on the Liquid network since its launch in 2018. “This latest funding represents a defining moment for Blockstream as we embark on a significant new phase of growth to further bridge the gap between Bitcoin and the broader financial world,” said Buck. said.
An example of how Liquid is being used in financial services is how Mexican fintech operator Mifiel closed over $1 billion in promissory notes for debt financing between lenders on its network and global investment banks. One example is that it is being digitized.
Liquid Network works in conjunction with Core Lightning, Blockstream’s Lightning Network service. Core Lightning is a protocol implementation that enables faster, cheaper, and more scalable Bitcoin transactions. It works by integrating Bitcoin transactions for assets, stablecoins, and payments. It also works with the company’s cloud-hosted infrastructure, Greenlight. Greenlight is the company’s “Lightning-as-a-service” product that allows developers to integrate LN into their apps with a few lines of code.
In addition to the funding news, Blockstream has named Michael Minkevich as chief operating officer. Mr. Minkevich previously worked at software development company Luxoft, where he was responsible for product engineering.
“Blockstream has a unique product portfolio and one of the best engineering teams building reliable Bitcoin solutions, making us ideally suited to lead the ongoing transformation of the fintech industry.” Minkevich said.
Image: Pixabay
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