Blockstream: $21 Million Funding Will Drive Bitcoin Development

While VC firms have demonstrated an overwhelming interest in funding the wider bitcoin industry, its core developers have long argued that contributions to the advancement of its protocol have lagged dangerously behind.

To the team behind Blockstream, however, its $21m funding round announced yesterday represents the first concerted execution of capital toward correcting this imbalance.

The funding will be used principally by the company to realize its sidechains proposal on the bitcoin network, which would allow assets to be exchanged across multiple blockchains via a two-way pegging system. Blockstream contends this would allow developers new freedoms of experimentation and provide the network with a way to trial potential alterations.