Blockstream: A Versatile Player in the Bitcoin Industry and a Veteran of Crypto Assets

In August 2021, Bitcoin and blockchain infrastructure company Blockstream completed a $210 million Series B funding round and acquired the Israeli ASIC chip design team Spondoolies. This marks Blockstream's gradual expansion from its original software-centric business into the upstream areas of the Bitcoin industry chain.

Blockstream's commercial product line primarily focuses on the Bitcoin sidechain "Liquid" ecosystem, Bitcoin mining-related services, and some data-related businesses, aiming to expand and strengthen the Bitcoin ecosystem. In its early days, the company mainly provided Liquid sidechain solutions for institutions, and later entered the consumer product space by acquiring the Bitcoin wallet Green Wallet.

In addition, Blockstream continuously maintains and iterates multiple free product lines in the Bitcoin ecosystem, including the Bitcoin full node satellite network Blockstream Satellite, the multi-signature wallet Blockstream Green, and the Lightning Network client c-lightning.

In early 2020, Blockstream announced the launch of Bitcoin mining services in collaboration with multiple companies. The company also introduced the "Blockstream Energy" service, aimed at helping energy producers sell excess electricity to miners, improve generation efficiency, and enhance the economics of renewable energy projects globally, especially in remote areas.

In chip manufacturing, Blockstream acquired the intellectual property of Bitcoin mining hardware manufacturer Spondoolies, filling the gap in the company's capabilities in this area. Currently, Blockstream covers almost all dimensions of the product matrix related to Bitcoin development, institutional services, and mining.

The core of the Blockstream product matrix is the Bitcoin sidechain "Liquid". As a second-layer network for Bitcoin, Liquid allows the issuance of security tokens and other digital assets, aiming to provide financial products and services through the Bitcoin network and to be used for the settlement of financial assets.

Blockstream was founded in 2014 by a group of early Bitcoin developers and cryptography experts. The company opposes the Bitcoin scaling debate and believes that congestion issues should be addressed through layer two networks rather than directly increasing block size.

As one of the most influential organizations in the Bitcoin community, Blockstream often engages in disputes with the Ethereum community. Company executives have repeatedly stated that a truly decentralized financial system can only be built through Bitcoin, the Lightning Network, and Liquid.

The existence of Blockstream has not only promoted the development of Bitcoin technology but has also sparked controversy over the independence of Bitcoin development and corporatization. Regardless, Blockstream has become an important force in the Bitcoin ecosystem that cannot be ignored.