- Blockstream raises $210 million to enhance Layer 2 technology adoption and expand Bitcoin mining operations.
- Solv Protocol’s $11 million funding aims to simplify Bitcoin staking and unlock new DeFi integration opportunities.
Key player in the development of Bitcoin infrastructure, Blockstream, has obtained $210 million in convertible note funding. Under direction by Fulgur Ventures, the investment seeks to increase Blockstream’s Bitcoin mining activities and hasten the acceptance of Layer 2 technologies, including the Liquid Network.
Blockstream is using this money to position itself to profit from the forthcoming Bitcoin market cycle, therefore augmenting its already existing Bitcoin holdings. As the business keeps becoming more important in the ecosystem and linking Bitcoin with more general financial institutions, this calculated action comes as natural.
Blockstream has closed a $210M convertible note financing round led by @FulgurVentures, driving our mission to bring Bitcoin into global finance.
This capital accelerates layer-2 development, expands mining ahead of the next Bitcoin cycle, and grows one of the world’s largest… pic.twitter.com/gi1ov0LCYU
— Blockstream (@Blockstream) October 15, 2024
Accelerating Layer 2 Adoption and Expanding Bitcoin Mining
The money will mostly be used to expedite Layer 2 solution adoption for Bitcoin transactions since they offer better scalability and efficiency. Launched in 2018, the Liquid Network has grown to be a pillar of these initiatives since it lets exchanges conduct faster, more private transactions between them.
Aiming to satisfy rising demand as interest in Bitcoin mining results, particularly following the 2024 Bitcoin halving event, Blockstream’s mining activities are also expected to scale. Reputed as one of the biggest Bitcoin holders, the company is deliberately leveraging its funds to establish industry leadership.
Recent activities of Blockstream show its dedication to inspire creativity and commercial acceptance of sophisticated Bitcoin solutions. Michael Minkevich’s appointment as the new Chief Operations Officer marks yet another step toward firm expansion.
Focusing on both technological developments and strategic market positioning, his experience in directing product engineering at Luxoft is expected to provide Blockstream’s next phase of expansion with new capabilities.
On the other hand, according to CNF, Solv Protocol has received $11 million to create its Staking Abstraction Layer, which seeks to streamline Bitcoin staking and increase yield prospects.
This invention aims to solve the current programmability restrictions of Bitcoin by offering new paths for staking, liquidity generation, and closer connection with decentralized finance (DeFi) platforms.
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Source: https://www.crypto-news-flash.com/blockstream-secures-210m-to-boost-layer-2-and-mining-operations/?utm_source=rss&utm_medium=rss&utm_campaign=blockstream-secures-210m-to-boost-layer-2-and-mining-operations