After the recent PwC partnership news, Blockstream announced today the successful completion of their $55 million Series A funding round. The financing round was headed by AXA Strategic Ventures, Horizons Ventures and Digital Garage. Several other institutional investors also participated: AME Cloud Ventures, Blockchain Capital, FuturePerfect Ventures, Khosla Ventures, Mosaic Ventures, and Seven Seas Venture Partners.

Blockstream will use the newly acquired capital to expand their global presence and improve their sidechain projects. With the infusion of capital from this funding round, total investment capital in Blockstream balloons to a whopping $76 million.

As part of the deal, Horizons Ventures’ Frances Kang now has a seat on the Blockstream Board of Directors. Kang views Blocksteam’s sidechain technology as a pivotal tool in the global decentralization movement:

“The transition to this new world – one that is decentralized, interoperable, secure, and trustworthy – is going to be illuminating. We are excited to be working with Blockstream to see their innovative sidechain technology reach its full potential.”

François Robinet, Managing Partner at AXA Strategic Ventures, believes in the technical expertise of Blocksteam to deliver blockchain solutions that will reorganise business practises in a variety of industries.

“We value Blockstream’s open source approach and its sidechain technology, which will allow interoperability between different chains and provide critical long-term success in this sector. We also look forward to partnering with Blockstream to drive the transformation of insurance and asset management businesses.”

Robinet is not the only one who shares such enthusiasm. Kaoru Hayashi, CEO of Digital Garage, also made it very clear that distributed ledger tech will impact society as a whole, not just the financial sector, “We look forward to seeing how cryptofinance and blockchain technology create new contexts for a better society.”

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