Blockstream has announced raising $55 million USD in a Series A funding round, led by AXA Strategic Ventures, Horizons Ventures, Blockchain Capital, and Digital Garage, among others. The capital injection will be used to strengthen the company's sidechain protocol, bring these technologies to the next level, and expand global operations. This news follows last week's partnership with PricewaterhouseCoopers (PwC) to research blockchain technology and sidechain benefits within the fintech industry.
Austin Hill, co-founder of Blockstream, stated: “I'm excited to announce that we raised $55 million in Series A funding to further enhance our sidechain technology, expand our operations globally, and support new industry partnerships, bringing our total investments in the company to $76 million.” Hill emphasized that while still a young company, Blockstream has accomplished significant milestones since its inception, including the introduction of Liquid, its first sidechain project that enables liquidity between cryptocurrency exchanges and brokerage services. Bitfinex, BTCC, Kraken, Unocoin, and Xapo were announced as partners to test the new technology.
Investors and New Board Member
Among the participants in this funding round is Frances Kang from Horizons Ventures, who will join Blockstream’s Board of Directors. Kang commented: “Blockchain technology is redefining what is possible within the fintech ecosystem and beyond. The transition to this new world – one that is decentralized, interoperable, secure, and trustworthy – is going to be illuminating. We are excited to be working with Blockstream to see their innovative sidechain technology reach its full potential.”
Blockstream’s founding team includes notable figures in the Bitcoin and cryptography space: Jonathan Wilkins, Adam Back, Jorge Timón, Erik Svenson, Gregory Maxwell, Francesca Hall, Mark Friedenbach, Matt Corallo, Pieter Wuille, and Alex Fowler. The company has doubled its team size over the past year and added two small offices in the Bay Area. Blockstream also hosts workshops and provides helpful resources such as the Elements Project (a working sidechain implementation), Segregated Witness, and Confidential Transactions.
Technology and Partnerships
The partnership with PwC aims to “explore combining expertise and technology to accelerate the deployment of blockchain technology to the market,” Hill explained. He added: “All of our investors have a proven track record of working with companies on the bleeding edge of innovation, and across a number of industry sectors, helping to support entrepreneurs.” Blockstream’s mission is to “develop new tech that redefines ecosystems.” The company believes that projects like Liquid and other developments will help strengthen the Bitcoin environment and bring solutions for better protocol performance.
Investment in the crypto-environment is off to a strong start early this year, and Blockstream’s latest funding round marks a significant milestone. With the support of prominent investors and a strategic partnership with PwC, Blockstream is well-positioned to push Bitcoin and blockchain technology to new heights.