Blockchain infrastructure firm Blockstream and its founder Adam Back, have raised $ 125 million to increase its Bitcoin (BTC) mining capacity.
The firm raised the capital in a convertible note, a form of short-term debt led by Kingsway Capital. Cohen & Company Capital Markets, a division of J.V.B. Financial Group. The first of these companies will serve as advisors for the firm.
Blockstream Sees High Demand For Its Products
According to a press release, the company will use the funds to expand its facilities. The BTC mining firm wants to meet the high demand of customers for its institutional hosting services. Blockstream said: