Categories: Bitcoin Entertainment

Blockstream SEC Filing Reveals $15 Million Raised in Funding Round

Click here to view original web page at www.coindesk.com


Blockstream has raised at least $15.18m toward a major funding round expected to close in the coming weeks, according to a recent Securities and Exchange Commission (SEC) filing.

The filing also shows that Reid Hoffman, a partner at venture firm Greylock Partners and co-founder of LinkedIn, will take a seat on the startup's board of directors.

Speaking to CoinDesk, Blockstream chief executive Austin Hill stressed that the funding round is still open and that it will close this week. He declined to provide more details until the fundraising round is complete.

The SEC filing is dated 1st October and signed by Blockstream's chief financial officer Hammie Hill, but the CEO implied that its contents may be deficient, saying:

"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."

Despite Hoffman's presence on Blockstream's board, he said Greylock is not participating in this fundraising round.

Hoffman currently sits on the boards of Airbnb, Swipely, Kiva and Mozilla Corporation. He has been a director at mobile gaming giant Zynga and payments pioneer PayPal.

Form D is a disclosure form used by companies that raise funds without receiving prior approval from the SEC. Businesses that do so are required to file a Form D within 15 days of their first security issuance.

Blockstream's mission

After months of relative silence, the Canada-based company has entered into the industry conversation following the Wednesday release of a white paper that proposed a new way of transferring assets across multiple block chains. The much-hyped work was supported in part by Blockstream, a company founded by several of the paper's authors, though it builds on past proposals.

The executive team will also include Hill; former HashCash developer Adam Back; Osler and Hoskin & Harcourt LLP managing partner Shahir Guindi; and Zero-Knowledge Systems co-founder Hammie Hill, the document states.

Blocksteam has long been an anticipated project in the bitcoin community due to Austin Hill's background. The founder of anonymous networking and privacy technology Zero-Knowledge Systems, he raised more than $80m for the project in the late 1990s. Current Blockstream executives Hammie Hill and Guindi were also involved with the company.

Blockstream further boasts a team of veteran developers on its staff, including Bitcoin Core developers Gregory Maxwell, Jonathan Wilkins, Matt Corallo and Pieter Wuille; Freicoin project leader Jorge Timon; and former NASA engineer Mark Friedenbach.

Publicly, the company has been less visible, with Austin Hill notably pulling out of a speaking slot at The North American Bitcoin Conference in July, at the time, giving only a humorous response on Twitter to explain his absence.

Divisive entrance

Aside from the debate surrounding the side chains white paper, Blockstream itself has also sparked conversation on Reddit regarding how block chain technologies should be funded and developed.

Some commentators, for example, have taken issue with the company's market strategy, which seemingly seeks to use a for-profit model to fund side chain development. Bitcoin Core development, by contrast, is managed by both the Bitcoin Foundation and developers employed at major bitcoin companies like Blockchain and BitPay.

Detractors allege that Blockstream is a potential threat to bitcoin's decentralized nature, with others praising it as a necessary step given the concerns that bitcoin's core technology has suffered from a lack of well-funded developers.

At press time, representatives from Blockstream have not responded to further requests for comment.

Stan Higgins and Joon Ian Wong contributed reporting.

Images via Blockstream; Shutterstock

BlockstreamInvestorsReid Hoffman

The filing also shows that Reid Hoffman, a partner at venture firm Greylock Partners and co-founder of LinkedIn, will take a seat on the startup’s board of directors.

Speaking to CoinDesk, Blockstream chief executive Austin Hill stressed that the funding round is still open and that it will close this week. He declined to […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

New York Gym Grit Bxng Accepts BTC Payments

Who would have ever thought that working out and bitcoin could ever go together? Well, thanks to a new Manhattan-based… Read More

4 hours ago

Are Whales Behing Bitcoin’s Latest Dips?

A reason for the recent up-and-down behavior of bitcoin may have been uncovered. It’s being reported that several whales moved… Read More

4 hours ago

Bitcoin Drops Below $10,000 as Support Wears Thin

Bitcoin (BTC) has once again found itself caught in the throes of a choppy trading range that has provided little… Read More

4 hours ago

Bitcoin Bottomed at $9,080, BTC to Rally Into End of 2019

Once again, Bitcoin (BTC) has stagnated, finding a foothold around $10,000 for the umpteenth time in a matter of weeks.… Read More

4 hours ago

Cresio CIO Comments, New ‘Satoshi’ and BTC Games: This Week in CT Spain

As many of our readers probably know, Cointelegraph has a number of non-English branches, each covering news from different parts… Read More

4 hours ago

VeChain Attends Shanghai International Blockchain Week 2019

SHANGHAI, Aug. 24, 2019 /PRNewswire/ -- From September 14-18, 2019, Shanghai International Blockchain Week 2019, the largest and most influential… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More