Crypto infrastructure firm Blockstream has taken action to raise funds, with valuation plummeting nearly 70 percent.
Many crypto companies are seeking funding for development and growth. In particular, the bear trend in the crypto industry also prevents projects from creating natural resources. The decrease in investors and the lack of users have also affected the platform revenues. Another aspect of these processes was the funding support from investment tours. Projects that stand out in the sector managed to collect funds from investment tours with strong names. Aptos and Arbitrum ended their investment rounds, raising hundreds of millions of dollars in funds. In the midst of all these processes, Blockstream will raise funds at a lower valuation than last year.
Blockstream Lost 70 Percent Valuation in One Year
Crypto infrastructure firm Blockstream raised $210 million in funding last year at a valuation of $3.2 billion. The company sought new funding this year with a valuation of $1 billion.
Blockstream CEO Adam Back stated that his company has already raised funds. Founded in 2014, Blockstream focused on a business that produces specialized mining chips known as ASICs. The company spends a lot of time on development and strengthening.
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