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,…
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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Last modified: February 13, 2020 5:13 PM UTC