Blockstream could lose its unicorn status if it doesn't find a funding source
Blockstream, a cryptocurrency infrastructure company, needs to find funding. And at a lower valuation of the business compared to the previous year.
After raising $210 million last August, Blockstream was valued at $3.2 billion. However, as Bloomberg informs, it can lose unicorn status now.
The startup launched in 2014. The number of funds raised during that time reached $299 million. Previously, the company was acquired by SponDoolies and Adamant Capital. And then it partnered with the fintech project Blockstream to launch a solar-powered mining center.
According to Blockstream CEO Adam Beck, the funding is being raised to expand BTC miner hosting opportunities. Beck declined to comment on the size of the round.
All of the capacity has been sold out, and we have many customers who require hosting at this point.
Adjusting expectations in the current market situation is not just about Blockstream. Based on reports, unicorn startups like Amber Group and Blockchain.com are also raising funds. What's more, their valuations are either flat or down from previous rounds.
Adam Back also noted the rise in hosting rates, while stating that these services are becoming a promising business for the company.