Bitcoin and blockchain technology firm Blockstream has launched a research and development hub in Lugano, Switzerland, according to CoinDesk.
Blockstream, one of the leading Bitcoin (BTC) infrastructure firms, announced the R&D hub on Nov. 7, noting that the project will help bolster financial technology innovation around Bitcoin. Lugano is where Tether and the City of Lugano recently unveiled a new statue for Bitcoin creator Satoshi Nakamoto.
Specifically, the company, led by British cryptographer and one of the Bitcoin OGs Adam Back, sees the initiative as key to BTC’s Liquid and Lightning networks.
“The new center aims to significantly increase innovation on layer 2’s by collaborating with local startups and partners, providing resources, mentorship, as well as grants to standout projects.”
-Blockstream.
Blockstream’s launch of the R&D hub follows the firm’s co-hosting of recent BTC related events in Lugano and Viareggio, Italy.
Notably, Blockstream’s initiative that targets the broader Bitcoin finance ecosystem, comes just a few weeks after the company secured $210 million in debt funding to bolster Bitcoin layer-2 growth. The company also planned to use the funds to expand its BTC treasury and level up its bitcoin mining operation.
In August 2023, the firm revealed plans to raise $50 million for its crypto mining venture.
Prior to this, Blockstream raised $125 million in January 2023, with the firm’s plans then focusing on the expansion of its mining colocation services. The platform launched Liquid Network, a platform for inter-exchange settlements across exchanges, market makers and brokers, in September 2018.
The company’s wallet Blockstream Green allows users to hodl their BTC.
With the desktop version, one can track prices, monitor fees, and organize UTXOs. Greenlight by Blockstream is another platform that helps developers to easily integrate non-custodial BTC payments in their apps.
