Blockstream, a provider of bitcoin-based infrastructure services, today announced that it has raised $210 million as part of its Series B financing on a valuation of $3.2 billion. This Series B was led by Baillie Gifford and iFinex, the operator of Bitfinex.

The new capital will go towards accelerating Blockstream’s Bitcoin mining efforts and the acquisition of Spondoolies to launch an enterprise-grade miner, also for continued development of Blockstream’s Bitcoin sidechain (the Liquid Network), plus expanding the Blockstream team across all departments.

Also announced today, Blockstream has welcomed Baillie Gifford Investment Manager Allen Farrington to Blockstream as a board observer.

“Blockstream is at the forefront of innovation in the Bitcoin space after building on top of the protocol for the last seven years. The potential of how all of the different Blockstream technologies fit together is clear. We are excited to work more closely with Blockstream in the future to bring this to market.”
– Paolo Ardoino, CTO of Bitfinex