Blockstream receives billions of dollars in investment to launch three crypto funds

PANews March 5th news, according to Bloomberg, people familiar with the matter revealed that Bitcoin development company Blockstream Corp. has received a multi-billion dollar investment to launch three funds, two of which will support cryptocurrency lending. The investment shows that the once-out-of-favored cryptocurrency lending business, which was once out of favour after Sam Bankman-Fried's FTX exchange collapsed at the end of 2022, will benefit the business as well.

Blockstream said in January that it plans to launch a fund that guarantees Bitcoin-backed loans, another fund will support cryptocurrency lending with US dollars as collateral, and a third fund will adopt a hedge fund strategy. All three funds will be available for borrowing on April 1, and two of the lending funds will be available for borrowing, according to a person familiar with the matter who asked not to be named. The company plans to accept additional external funding starting July 1. Blockstream declined to comment further besides confirming the date of its planned launch.