Blockstream, the new for-profit Bitcoin technology company that will be developing sidechains, already has some significant funding. As revealed by a Form D fundraising disclosure form filed at the beginning of the month, Blockstream has already secured over 15.1 million USD in series A funding, with potentially more to come. A Form D is filed with the SEC when funds are raised without prior approval from the SEC. However, since the SEC form is from three weeks ago, the numbers represented therein may not be presently accurate.
Blockstream’s Fount Opens Up
The SEC filing (found here) also reveals more about the executive structure of the Canada-based company. Blockstream’s executive team includes Austin Hill, Adam Back, Shahir Guindi, and Hammie Hill. Austin Hill, Shahir Guindi, and Hammie Hill were all previously involved with Zero-Knowledge Systems, a project that raised over 80 million USD in the 90s. Beyond the executive team, Blockstream has attracted an all-star line-up of experienced developers that together have decades of Bitcoin experience between them.
Notable among the listed individuals on the SEC form is Reid Hoffman, the co-founder of LinkedIn. Hoffman will be serving as one of the directors on Blockstream’s BOD. Despite Hoffman’s presence, his venture firm Greylock Partners isn’t likely to be a member of Blockstream’s initial fundraising round. Speaking with media, Austin Hill emphasized that the funding round is still open (until the end of the week). Specifically, Hill told CoinDesk that:
“The SEC filing is an incomplete and inaccurate notice filed by a lawyer during a fundraising process that is not the whole picture or story.”
Given the amount of hubbub that the sidechains whitepaper has managed to cause in just a few days, it is natural to assume that the total amount of funds raised for Blockstream may end up being well over 15 million USD.
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