2024

Liquid Network

Bitcoin

Read

Adam Back

Blockstream has closed a $210 million convertible note funding round led by Fulgur Ventures. 
According to the Bitcoin (<a rel="" href="https://crypto.news/price/bitcoin/">BTC</a>) infrastructure firm, the funding will help accelerate the company’s layer-2 products. 
Blockstream said in a <a href="https://blockstream.com/press-releases/2024-10-15-blockstream-secures-210m-dollars-led-fulgur-ventures-drive-layer-2-growth-expand-bitcoin-treasury/" target="_blank" rel="nofollow">press release</a> that it also plans to use some of the funding to expand its mining capacity and purchase more Bitcoin. In the crypto market, one company that has employed this strategy successfully so far is MicroStrategy. 
As of writing, Michael Saylor’s publicly traded company has <a rel="" href="https://crypto.news/microstrategy-buys-bitcoin-worth-458m-total-holdings-hit-252220-btc/">amassed 252,220 BTC</a>. 
In January this year, Blockstream announced a $125 million convertible note financing raise, which it said would be used to expand its institutional Bitcoin mining services. The firm also <a rel="" href="https://crypto.news/blockstream-to-raise-50m-to-expand-ahead-of-next-btc-halving/">sought $50 million</a> for a similar initiative in August 2023. 
 Read more: <a rel="" href="https://crypto.news/bitcoin-crosses-67k-to-hit-2-month-high/"> Bitcoin crosses $67k to hit 2-month high </a> 
<h2 class="wp-block-heading" id="accelerating-layer-2-networks">Accelerating layer-2 networks</h2> 
Per Blockstream’s announcement on Oct. 15, the $210 million convertible debt offering will bolster the development of its two flagship layer-2 solutions: Liquid Network and Greenlight. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “This fundraise is pivotal in our journey to bridge Bitcoin with broader finance,” 
 Blockstream chief executive officer Adam Back. 
</blockquote> 
Liquid Network is a Bitcoin layer-2 solution interoperable with Lightning Network. 
<a rel="" href="https://crypto.news/blockstream-launches-the-liquid-network-bitcoins-first-sidechain/">Launched in 2018</a> as Bitcoin’s first sidechain, Liquid offers infrastructure that allows for asset tokenization on the Bitcoin network. More than $1.8 billion worth of assets have been issued on the network, Blockstream noted, including stablecoins and tokenized securities. 
According to Blockstream, Liquid has 3,844 bitcoins locked on-chain. Meanwhile, its growing adoption across the $300 billion real-world asset market includes the issuance of $1 billion in promissory notes by Mexico’s Mifiel. 
Greenlight is a Blockstream solution that allows developers to bring non-custodial Bitcoin Lightning Network-powered payments to decentralized applications and businesses. 
Blockstream has appointed Michael Minkevich as its new chief operations officer. Minkevich is a former product engineer at digital asset strategy and engineering platform Luxoft. 
 You might also like: <a rel="" href="https://crypto.news/blockstreams-adam-back-bets-bitcoin-could-reach-1m-after-2024-halving/"> Blockstream’s Adam Back bets Bitcoin could reach $1m after 2024 halving </a>

Blockstream secures $210m debt funding

Table of Contents

crypto.news

Other articles published on Oct 15, 2024

SUI Token Surges Past $2 Amidst Record-High Transaction Volume

Is Peter Todd the Mysterious Satoshi Nakamoto? New HBO Documentary Raises Controversial Claims

Ethereum Perpetual Futures Funding Rate Peaks at Highest Since May 2024

Grayscale Files to Convert Digital Large Cap Fund into Mixed Crypto ETF

Cardano Developer Unveils Ouroboros Peras, Here’s What It Means

Hong Kong police arrest 27 in $46m deepfake crypto romance scam

Join our free newsletter for daily crypto updates!