Tag: Blockstream

Crypto Infrastructure Firm Blockstream Raises $125M for Bitcoin Mining

“This fundraise allows us to accelerate the [year-over-year] revenue growth we created with our 2021 Series B and continue to build infrastructure for the future Bitcoin economy,” said Blockstream President and Chief Financial Officer Erik Svenson. “We remain focused on reducing risk for institutional bitcoin miners and enabling enterprise users to build high-value use cases on the most secure, robust and scalable blockchain in the world – Bitcoin,” he added. Source

Blockstream raises $125M to finance expanded Bitcoin mining operations

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Digital asset infrastructure company Blockstream has raised $125 million to finance its Bitcoin (BTC) mining colocation services, underscoring heightened demand for its institutional hosting services amid the bear market.  The $125 million raise was financed by convertible note and a secured loan, Blockstream announced on Jan. 24. Venture capital firm Kingsway Capital led the convertible note raise, with additional participation from Fulgur Ventures. Cohen & Cohen Capital Markets, part of J.V.B. Financial Group, advised Blockstream on the deal. The funding will enable Blockstream to expand mining capacity for institutional hosting…

Blockstream Recorded About 70% Valuation Cut Following New Fundraise

Adam Back did not comment on the exact size of the offering and who the top backers are this time. However, he made it clear that the funds will be used to expand the company’s mining capabilities. Blockchain technology firm Blockstream has recorded a significant valuation drop in its latest funding round, an aftermath of the sliding valuation in the digital currency ecosystem. As reported by Bloomberg citing people familiar with the fundraising, the company’s valuation may drop as low as $1 billion. Blockstream Valuation and Plans for New Capital…

Blockstream raising funds for mining at 70% lower company valuation

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The depths of a bear market may not be the best time to raise funds but that is exactly what Blockstream is doing. The crypto infrastructure firm is seeking fresh funding, but at a much lower valuation than previous rounds, according to a Dec. 7 Bloomberg report. Blockstream was valued at $3.2 billion when it held its last Series B funding round raising $210 million in August 2021. Today that valuation may have fallen almost 70% to below $1 billion according to the report. The company, founded in 2014, has…

Blockstream CEO Adam Back talks Bitcoin over a game of Jenga

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Ever since his childhood years, Adam Back, now CEO of Blockstream, would spend his time fidgeting with programming code to look for encryption keys embedded in the software. Born in 1970, the London native completed his A-levels in mathematics, physics and economics before focusing on computing science and earning a Ph.D. from the University of Exeter. Having devoted his career to applied cryptography, Back invented HashCash in 1997, a proof-of-work system used to limit email spam and denial-of-service attacks that later became more renowned for its use in Bitcoin (BTC).…

Blockstream Proposes a Whole New Type of Multisig Called ROAST

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Security has always been of utmost priority in the crypto space. To reinforce security, multisig or multisignature is the widely accepted standard in crypto. Multisig refers to a method of transaction in which two or more signatures are required to sign off before the transaction can be executed. Rather than a single signature, multisig requires multiple keys to authorize a transaction. In a bid to further improve security and avoid problems of transaction failures, the research unit of Bitcoin (BTC)-focused blockchain tech firm, Blockstream has published a proposal for a new type…

Blockstream dreams up a whole new type of multisig called ROAST

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The research unit of Bitcoin (BTC)-focused blockchain tech firm Blockstream has published a proposal for a new type of multisig standard called Robust Asynchronous Schnorr Threshold Signatures (ROAST). It hopes to avoid the problem of transaction failures due to absent or even malicious signers and can work at scale. The term multisig or multisignature, refers to a method of transaction in which two or more signatures are required to sign off before it can be executed. The standard is widely adopted in crypto. According to a May 25 blog post…

“DeFi is not decentralized at all,” says former Blockstream executive

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Samson Mow, former chief strategy officer at Blokstream and founder of JAN3, is convinced that most decentralized finance protocols can’t compete with Bitcoin when it comes to providing an effective monetary network because of their lack of decentralization.  As Mow pointed out, DeFi projects are governed by entities that can modify the protocol at will. “At the fundamental level, money should be immutable,” explained Mow. “If you can change it at will, then you’re no better than a fiat currency governed by the Fed.” Bitcoin’s decentralization makes it very difficult…

Tesla, Blockstream and Jack Dorsey’s Block Team-up to Mine Bitcoin Sustainably – Blockchain News, Opinion, TV and Jobs

By Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock Blockstream, Jack Dorsey’s Block (formerly Square) and Tesla have teamed up to mine Bitcoin sustainably using renewable energy. They have announced that they are working on a solar and battery powered Bitcoin mine in Texas that uses solar and storage technology from Tesla. Adam Back, the CEO of Blockstream said, “this is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.” This can also have a huge impact on…