Blockstream was founded to develop new ways to accelerate innovation in crypto currencies, open assets and smart contracts. Pioneering advancements in crypto currencies, open assets and smart contracts, Blockstream is the first company extending capabilities at the protocol level to support the application of Bitcoin and blockchain technology to a broad range of asset types. The extension mechanism of sidechains, the company’s initial area of focus, allows any number of so far unthought of developments to happen in an open and interoperable way.
For developers, Blockstream have Elements. Sidechain Elements includes functioning code and a testing environment for working with sidechains. As open source, protocol-level technology, developers can use Sidechain Elements to extend the functionality of Bitcoin and explore new applications of the Blockchain.
The Silicon Valley-based Blockstream was founded by a group of top bitcoin developers. It raised $21 million in initial seed funding in November 2014. Investors include LinkedIn co-founder Reid Hoffman, Khosla Ventures, Google chairman Eric Schmidt’s Innovation Endeavors, and Yahoo co-founder Jerry Yang’s AME Cloud Ventures. After an initial round of 21 million dollars, Blockstream raised an additional 55 million dollars in funding.