Blockstream

Blockstream is a private corporation founded in 2014 and headquartered in Montreal, Quebec, Canada. It is a global leader in Bitcoin and blockchain technology, specialising in cryptography, blockchain, sidechains, and privacy-enhancing technologies. The company’s mission is to create the financial infrastructure of the future by building secure and efficient crypto-financial systems based on Bitcoin, reducing reliance on trust through peer-to-peer networks.

Blockstream offers a range of products and services, including the Liquid Network, Core Lightning, Blockstream AMP, Blockstream Finance, Blockstream Mining, Blockstream Satellite, Blockstream Green Wallet, and the Blockstream Jade Hardware Wallet. These products focus on enhancing Bitcoin’s capabilities, building on its blockchain, and enabling secure financial transactions.

Blockstream has raised significant funding, including $210 million in Series B financing as of 2021. The company focuses heavily on research and development to strengthen the Bitcoin ecosystem and blockchain protocol. It is also known for its partnerships, including collaborations with companies like Digital Garage and Intercontinental Exchange (ICE), and for its involvement in major projects such as the Blockstream Mining Note and Liquid Network.

The company has been recognised for its contributions to the development of permissionless innovation, open finance, and secure, decentralised systems. Though Blockstream is privately held and does not have a market capitalisation or stock ticker, it continues to be a key player in the blockchain and cryptocurrency space.

Blockstream was founded in 2014 by a group of developers and researchers including Dr Adam Back, Erik Svenson, Pieter Wuille, Gregory Maxwell, and others. The company was established to build Bitcoin and blockchain infrastructure, with a focus on advancing the technology through cryptography and distributed systems.

In November 2014, Blockstream raised $21 million in seed funding to support its mission of creating a decentralised financial infrastructure. The following year, in June 2015, Blockstream released the first version of its Elements platform, a sidechain protocol designed to extend Bitcoin’s capabilities. This marked the beginning of the company's involvement in the development of sidechains, which allow assets to be transferred between the Bitcoin main blockchain and other blockchains.

In February 2016, Blockstream secured $55 million in Series A funding. During this period, Blockstream continued to expand its operations, acquiring the Bitcoin wallet provider GreenAddress in July 2016. The acquisition enabled Blockstream to enhance its wallet services and develop new features.

In 2017, Blockstream launched several key products, including Confidential Assets in April and the Blockstream Satellite service in August, which broadcasts the Bitcoin blockchain via satellite. The company also launched its implementation of the Lightning Network, c-lightning, in December 2017.

Over the next few years, Blockstream continued to innovate. In 2018, it launched the Liquid Network, a sidechain for Bitcoin, and introduced the Cryptocurrency Data Feed in partnership with Intercontinental Exchange. Blockstream further expanded its services by launching Blockstream Mining in 2019, offering colocation services for Bitcoin mining operations.

In 2020, the company launched Blockstream Satellite 2.0, offering expanded coverage and full-history sync support for Bitcoin. The same year, it introduced Blockstream Green, a multi-platform Bitcoin and Liquid wallet, and launched the Liquid Ventures Initiative to fund startups building on the Liquid Network.

In 2021, Blockstream revealed its open-source hardware wallet, Blockstream Jade, and launched the Blockstream Mining Note (BMN), a security token tied to Bitcoin mining hashrate. The company achieved unicorn status in August 2021 with a valuation of $3.2 billion and secured $210 million in Series B financing. It also expanded its mining operations through collaborations with Galaxy Digital and BlockFi and began construction on a solar-powered Bitcoin mine with Block Inc.

In 2022, Blockstream renamed its c-lightning implementation to Core Lightning and continued to grow the Liquid Federation, adding new members. The company also expanded its Blockstream Mining operations and developed new services like Blockstream Energy, which connects energy demand with Bitcoin mining.

In January 2023, Blockstream raised an additional $125 million to expand its mining operations. Later that year, the company launched its new Blockstream Research brand and introduced the BASIC Note investment vehicle, betting on a recovery in the ASIC mining hardware market. In October 2023, Blockstream launched Greenlight, a scalable non-custodial Lightning Network integration service.

Today, Blockstream remains at the forefront of Bitcoin and blockchain technology, developing infrastructure and services aimed at making financial markets more efficient and secure through decentralised systems.

Blockstream’s mission is to build the financial infrastructure of the future using Bitcoin, the most secure and robust blockchain. The company focuses on developing crypto-financial solutions that reduce reliance on trusted third parties. By applying advanced cryptography and security engineering, Blockstream aims to create more efficient financial markets through decentralised systems. The company invests heavily in research and development to strengthen Bitcoin’s ecosystem and promote its widespread adoption. Blockstream believes that peer-to-peer, open-network finance holds the potential to reshape the global financial system for the benefit of all.

Blockstream envisions a future where decentralised, peer-to-peer financial systems built on Bitcoin are the foundation of global finance. The company seeks to eliminate the need for traditional intermediaries by promoting open finance, allowing individuals and businesses to take control of their own financial transactions. Through continuous innovation in cryptography and blockchain technology, Blockstream aims to foster a fairer financial system that benefits everyone. The company is committed to creating scalable and secure solutions that support long-term growth and development within the Bitcoin ecosystem, driving positive change across the financial industry.

Blockstream offers a wide range of products and services that focus on enhancing Bitcoin's capabilities and building secure, decentralised financial systems. These products cater to both individual users and businesses, with a focus on scalability, privacy, and efficiency. Below is a detailed description of Blockstream’s key offerings:

Liquid Network: The Liquid Network is a Bitcoin layer-2 solution that facilitates fast, secure, and confidential transactions between exchanges, brokers, and financial institutions. Launched in 2018, the network allows users to issue and transfer digital assets with enhanced privacy through Confidential Transactions, which hide transaction amounts from public view. It also enables faster settlement times by reducing Bitcoin’s block time from 10 minutes to 1 minute, making it ideal for traders and institutions needing quick transactions.

Core Lightning: Core Lightning (formerly known as c-lightning) is Blockstream’s implementation of the Lightning Network, a second-layer payment protocol that operates on top of Bitcoin. This network enables fast, low-cost, and scalable Bitcoin transactions by using smart contracts to ensure security and decentralisation. Core Lightning is designed for high performance and flexibility, allowing developers to build custom payment solutions on the Bitcoin network.

Blockstream AMP: Blockstream AMP (Asset Management Platform) is an API-based platform that enables businesses to issue, manage, and trade digital assets on the Liquid Network. It allows companies to create programmable security tokens, which can represent anything from bonds to equities or even loyalty points. The platform is highly flexible, providing full control over assets, including issuing new assets, freezing them, or applying specific rules for transfers.

Blockstream Finance: Blockstream Finance develops financial products designed for the Bitcoin era. This includes the Blockstream Mining Note (BMN), a security token tied to Bitcoin mining hashrate. Investors can gain exposure to Bitcoin mining without the need to directly manage mining equipment. BMN is part of Blockstream’s broader effort to integrate Bitcoin into traditional financial markets through innovative financial instruments.

Blockstream Mining: Blockstream Mining offers colocation services for Bitcoin mining operations, allowing institutional miners to host their mining equipment in Blockstream's facilities. The service provides access to low-cost energy and advanced infrastructure, ensuring efficient and reliable mining. Blockstream Mining has attracted large-scale clients, including Galaxy Digital and BlockFi, and operates with a strong focus on sustainable energy solutions.

Blockstream Satellite: Blockstream Satellite is a unique service that broadcasts the Bitcoin blockchain from space, enabling anyone with a satellite dish to access Bitcoin without needing an internet connection. This service is especially useful for people in remote areas or regions with unreliable internet access. The satellite network ensures that the Bitcoin blockchain remains accessible even during internet outages, further decentralising and strengthening the network.

Blockstream Green Wallet: Blockstream Green is a multi-platform Bitcoin and Liquid wallet that offers advanced security features such as multi-signature transactions and two-factor authentication. It is available for both mobile and desktop users and provides an easy-to-use interface, making it suitable for beginners while still offering the advanced features that experienced users expect. Green also supports Liquid transactions, allowing users to transfer assets privately.

Blockstream Jade Hardware Wallet: Blockstream Jade is an open-source hardware wallet designed to securely store Bitcoin and Liquid assets offline. It offers advanced features like Bluetooth connectivity and multi-signature support, making it a flexible and secure option for users who want to protect their private keys from online threats. Jade is affordable and easy to use, making it accessible to both new and experienced Bitcoin users.