In 2021, Blockstream, the platform specializing in the manufacture of crypto infrastructure, raised 3.2 billion dollars. Only a year later, the company created by Adam Back in 2014 wanted to repeat the feat. Once is not custom, because this time, the result was far from expectations. Finally, the platform will have to settle for a negative return of -70% compared to the first exercise. A misfortune never coming alone, this failure raises some questions in public opinion.
Blockstream’s valuation plummets a year after its feat
We are a long way from the 3.2 billion from which Blockstream in 2021. According to Bloomberg, the Blockstream platform has launched a valuation of 1 billion dollars for the year 2022. However, the huge gap between the two years continues to raise questions. It’s about a significant reduction of 70% from a company that raised a $210 million Series B in 2022.
Although Blockstream has won over the Israeli mining hardware maker Bitcoin Spondoolies, it still plans to build a solar-powered bitcoin mining facility through its collaboration with Jack Dorsey’s Block.
Otherwise, Samson Mowthe former Chief Strategy Officer of Blockstream, got $21 million for his new startup. JAN 3since it’s her, is now valued at $100 million.
Finally, the CEO Adam Back said his company had raised funds before. This in order to silence the rumors around this controversy. This is another proof that the crypto industry is going through a difficult year with the collapse of several platforms known as FTX, The bear market continues to claim victims and the impressive regression of Blockstream is the most obvious proof of this currently.
Conclusion
Blockstream, a company specializing in the construction ofcrypto infrastructure based in Victoria, British Columbia, is at the heart of a scandal. For good reason, it seems to be in decline with regard to its recent fundraising estimated at 1 billion dollars. A 70% reduction compared to last year.
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