After the last round of financing, Blockstream wants to expand into the mining chip sector2 min read
Blockchain technology company Blockstream has completed a round of B-Series funding and raised $ 210 million.
Blockstream wants to make mining chips
Following the completion of the Series B round, in which iFinex and Baillie Gifford were among the participants, the company’s value increased above $ 3 billion. Blockstream aims to use the means to produce mining chips.
According to the Canadian media on August 24, Blockstream, after the latest funding, further strengthened its position as a unicorn company in the cryptocurrency. The British private equity firm Baillie Gifford and iFinex, the parent company of Bitfinex and Tether, took part in the round, while no other organizations were named.
“We have tremendous respect for the founders and management team of Blockstream. We believe that its BTC-based asset and securities settlement network has the potential to change the shape and functioning of capital markets. “- said the British company.
Blockstream’s strategic director, Samson Mow, has promised that the new funds will be used to improve the company’s mining operations. The Canadian company also won for the undisclosed amount of the Israeli producer ASIC-Spondoolies. Their team will join Blockstream to build a brand new ASIC focused on mining BTC and other cryptocurrencies using a proof-of-work consensus mechanism.
Mow suggested that the new branch could arrive “sometime” next year, so “there is a long-term horizon before we can get it to market. I am confident that we will be able to work together to make ASIC more effective. ” – added Mow.
Earlier this year, Blockstream entered into a partnership with Square to work to supply solar equipment for BTC mining in the United States.
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