Blockstream was founded to develop new ways to accelerate innovation in crypto currencies, open assets and smart contracts. Blockstream’s team believes in the potential of bitcoin and blockchain technology to have a significant, positive social impact.
Blockstream’s core area of innovation is sidechains, a technology focused on improving on the blockchain, the most powerful public utility for distributed trust systems. Sidechains are blockchains that are interoperable with each other and with Bitcoin, avoiding liquidity shortages, market fluctuations, fragmentation, security breaches and outright fraud associated with alternative crypto-currencies.
The company recently raised $55 million in Series A funding to further enhance their sidechain technology, expand their operations globally, and support new industry partnerships, bringing the total investments in the company to $76 million.
FoundersAdam Back, Gregory Maxwell, Pieter Wuille, Matt Corallo, Mark Friedenbach, Jorge Timón, Austin Hill, Jonathan Wilkins, Francesca Hall, Alex Fowler
Adam Back did not comment on the exact size of the offering and who the top backers are this time. However, he made it clear that the funds will be used to expand the company’s mining capabilities.
