Blockstream raises mega $55 million round

Blockstream has raised a $55 million Series A round of funding to continue its work expanding the bitcoin code base for commercial use, per CoinDesk. The company’s funding now stands at $76 million in total, over two rounds.

Blockstream’s round was led by venture capital firms AXA Strategic Ventures, the venture capital arm of French multinational insurance firm AXA Group, Digital Garage, the Tokyo-based online payments firm and Hong Kong venture capital firm Horizons Ventures.

AME Cloud Ventures, Blockchain Capital and Future\Perfect Ventures also participated in the deal.

“We were one of the first companies that painted a vision for interoperable blockchains, that there wasn’t going to be one blockchain, but many of them, all building off the bitcoin codebase to deliver the technology,” CEO Austin Hill told CoinDesk.

The Montreal startup is made up of some of the best-known Bitcoin architects, cryptographers, cypherpunks, and entrepreneurs, and recently released its first product aimed at reducing some of the currency’s inherent limitations.

The startup, lead by chief instigator Austin Hill, also calls its founding members Adam Back, Gregory Maxwell and Pieter Wuille. Blockstream now has over 50 contributors adding to the project and raised $21 million in venture capital last year.

Interestingly, Hill told CoinDesk that Blockstream will continue building technology for the open-source bitcoin blockchain. He called it the “most mature, well-tested and secure” infrastructure for blockchain services.

“What we would hate to see happen is the most robust and secure blockchain protocol getting left by the wayside if people moved on to different protocols and tech stacks that bitcoin isn’t designed for,” Hill told the website. “We believe there is a benefit to society to have all these blockchains be interoperable.”

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