Leading FinTech company Blockstream raised a staggering $55 million in funding for the expansion of the bitcoin code base to use for commercial purposes.
This amount brings the FinTech company’s total funding to $76 million over two investment rounds. Blockstream’s signature technology, sidechains, enables blockchains to be created that can not only validate data from, but also transfer assets to, other blockchains. Just a few of the companies and firms that have backed Blockstream and participated in the deal include AXA Strategic Ventures, Digital Garage, and Horizons Ventures.
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CEO of Blockstream, Austin Hill, has clearly stated his company’s aims when it comes to innovations in FinTech. He stated that “the company remains dedicated to developing technology for the open-source bitcoin blockchain… the most mature, well-tested, and secure infrastructure for blockchain services.” Hill continued, adding “We believe there is a benefit to society to have all these blockshains be interoperable.”
A bright future for Bitcoin
Hill also stated that “Bitcoin is the most mature blockchain protocol… and that gives people confidence.” He suggested that future innovations in Blockstream’s technology will allow bitcoin’s code base to be used for other production use cases, such as improving transaction speeds for traders and exchanges. He also showed support for the bitcoin ecosystem as a whole, stating that he believes that bitcoin’s code base will become widely used, and that it’s very promising where further developments in bitcoin technology will take us.