Blockstream, a prominent Bitcoin and blockchain technology firm, has recently established a research and development center in Lugano, Switzerland. This initiative, announced on November 7th, aims to drive financial technology innovation in the Bitcoin space. Lugano, where Tether and the City of Lugano unveiled a statue honoring Bitcoin creator Satoshi Nakamoto, is becoming a hub for cryptocurrency-related activities.
Led by Adam Back, a renowned British cryptographer and a key figure in the Bitcoin community, Blockstream views this new center as crucial for the development of BTC’s Liquid and Lightning networks. The company’s goal is to enhance innovation on layer 2 solutions by collaborating with local startups and partners, offering resources, mentorship, and grants to promising projects.
This move by Blockstream follows its recent involvement in Bitcoin-related events in Lugano and Viareggio, Italy. The company’s focus on expanding the Bitcoin finance ecosystem comes shortly after securing $210 million in debt funding to support the growth of Bitcoin’s layer-2 technologies. Additionally, Blockstream plans to use these funds to strengthen its BTC treasury and enhance its bitcoin mining operations.
In August 2023, Blockstream announced plans to raise $50 million for its crypto mining venture. This effort builds upon previous fundraising successes, including a $125 million round in January 2023, which aimed to expand the company’s mining colocation services. Blockstream’s Liquid Network, introduced in September 2018, facilitates inter-exchange settlements for exchanges, market makers, and brokers.
Blockstream’s wallet, Blockstream Green, offers users a secure way to hold their BTC. The desktop version enables users to track prices, monitor fees, and manage UTXOs effectively. Moreover, Greenlight by Blockstream provides developers with a platform to integrate non-custodial BTC payments seamlessly into their applications.
With the establishment of its research and development center in Lugano, Blockstream continues to play a significant role in advancing Bitcoin and blockchain technology. By fostering innovation and collaboration within the cryptocurrency community, the company is poised to contribute to the growth and development of the digital asset space. The initiatives undertaken by Blockstream underscore its commitment to driving progress and pushing the boundaries of what is possible with Bitcoin and blockchain technology.
