Blockchain developer Blockstream hits $3.2bn valuation after Series B close

Blockstream, a developer of blockchain and bitcoin technology solutions, has reached a $3.2bn valuation following the close of its Series B.

The FinTech company secured $210m in its Series B, which was led by Baillie Gifford and iFinex.

With the capital injection, the company hopes to accelerate its bitcoin mining efforts, hire more staff members across all departments and scale its blockchain technology. Funds will also be used to support the acquisition of Spondoolies to help launch an enterprise-grade miner.

Founded by Adam Black and a group of developers looking to capitalise on how bitcoin could transform money. The team built Liquid Network, a sidechain-based settlement network for traders and exchanges. It is designed to support faster and more confidential bitcoin transactions and issuance of digital assets.

The Liquid Network has more than $1.1bn in network value, it claims.

Blockstream has released several other solutions, including tools for mining, financing, cryptocurrency trade data and more.

Baillie Gifford investment manager Allen Farrington said, “I am convinced of the potential of tokenized securities on the Liquid Network to be transformative for the architecture of capital markets.

“Bitcoin-based development and Blockstream’s asset issuance and management platforms can contribute to meaningfully decentralizing financial infrastructure, democratizing control over investment products, and firmly embedding openness and programmability in capital markets. I look forward to working closely with Blockstream to make this a reality.”

The company previously raised $21m in seed funding back in 2014 and then $57m in its Series A in 2016. Following that, Blockstream secured an $11m convertible note.

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