Blockstream Raises $210M in Convertible Note Financing Round

Bitcoin infrastructure firm Blockstream has raised $210 million in a convertible note financing round.

The company has also appointed Michael Minkevich as COO.

Blockstream, the bitcoin infrastructure firm, has closed a $210 million convertible note financing round led by investment firm Fulgur Ventures, the company said in a press release on Tuesday.

The funds will be used to accelerate adoption and development of the company’s layer-2 technologies, to grow its mining operations and to expand its bitcoin (BTC) treasury, Blockstream said in the release.

Blockstream’s layer-2 solutions include the Liquid and Lightning networks. Layer 2s are separate blockchains built on top of layer 1s, or the base layer, that reduce bottlenecks with scaling and data.

The company, co-founded by legendary bitcoin developer Dr. Adam Back, has also appointed Michael Minkevich as chief operating officer, Blockstream said.

Minkevich was previously responsible for product engineering at Luxoft (LXFT), an enterprise technology services firm.

“This latest fundraise represents a defining moment for Blockstream as we embark on a critical new phase of growth to further bridge the gap between bitcoin and the wider world of finance,” said Blockstream Co-Founder and CEO, Dr. Adam Back.

Read more: Blockstream Mining Raises Fresh Round of Note That Offers Exposure to Bitcoin Hashrate