Blockstream, a company that focuses on Bitcoin infrastructure, has just wrapped up a significant funding round, raising $210 million. This round was led by Fulgur Ventures and will primarily support development for Layer-2 Bitcoin solutions.

On October 15, Blockstream announced the completion of its latest convertible note financing round. The funds will mainly go toward enhancing Layer-2 development, improving mining infrastructure, and buying Bitcoin directly. However, the emphasis is clearly on Layer-2 projects.

CEO Adam Back shared his excitement about the funding, saying, “This fundraise is pivotal in our journey to bridge Bitcoin with broader finance. We’re excited to bring on Michael Minkevich as COO, and to have Fulgur Ventures’ support in advancing Bitcoin finance.”

Blockstream started its operations back in 2014. While the company has kept a low profile recently, it gained some attention when Adam Back appeared as a key figure in an HBO documentary that aimed to identify Satoshi Nakamoto.

This isn’t the only funding Blockstream has pursued in the second half of 2024. They also launched a series three funding round for their BMN2 security token in September, following a $7 million raise in July. This latest round is much larger and highlights a strong focus on Layer-2 technology.

Fulgur Ventures believes in Bitcoin as a politically neutral monetary system. They view it as the foundation for the future of decentralized finance. Their website states, “While Bitcoin is an efficient settlement layer, it needs a Layer-2 solution for everyday transactions.”

Blockstream has two Layer-2 solutions: Liquid and Greenlight. Each serves different purposes but both work with the Lightning Network. Liquid has issued assets worth $1.8 billion, and Greenlight operates over 150,000 active Lightning nodes.

While Blockstream mentioned mining infrastructure and direct Bitcoin purchases as additional goals, they’ve kept the details sparse. Their communications have mainly highlighted the importance of Layer-2 projects, leaving specifics about other goals a bit unclear.

Additionally, BeInCrypto reported that Bitcoin Layer-2 solutions have attracted significant funding lately. These projects collectively raised $94.6 million in the second quarter of 2024.