Bitcoin infrastructure firm Blockstream is the latest company to reach unicorn status in the crypto industry, after raising $210 million with a valuation of $3.2 billion.
Blockstream, which focuses on various Bitcoin services like mining, custody and transferring, was co-founded by cypherpunk and crypto “OG” Adam Back, who some believe could be Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
Blockstream’s recent capital raise came from two entities: Scotland-based investment management company Baillie Gifford and Hong Kong-based crypto exchange iFinex.
Baillie Gifford’s investment manager Allen Farrington also joined Blockstream as a board observer.
In a press release, Blockstream says the new capital will go towards expanding staff, accelerating BTC mining efforts, and helping with the recent acquisition of Israeli Bitcoin mining hardware manufacturer Spondoolies.
In June, Blockstream announced it had secured a partnership with tech giant Jack Dorsey’s Square Inc. for a Bitcoin mining facility that runs 100% off renewable energy.
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