The Bitcoin Development Firm Blockstream launches three investment funds, including two Crypto Lending focus, the company announced Tuesday.
The Crypto company established by the legendary developer of Bitcoin (BTC) Adam Back plans to launch a fund that underwrites the Bitcoin-supported loans and one that allows the Borrowing of Crypto with a US dollar as a collateral while a third fund will put funding strategies on funds, according to a tweet.
Bloomberg had previously reported that the company had earned several billion dollars in funding to launch these funds, citing unidentified sources.
The crypto lending business has been hit hard after the collapse of the former Crypto Exchange FTX, whose incorrect balance sheets and ultimately, the inability to pay the money lent to them, has resulted in many losses of then-trusted crypto lenders.
The three funds will live in April with additional external capital starting to be accepted in July. Two lending funds are available for borrowing.
Blockstream recently Opened a new office in Tokyo As it plans to drive Bitcoin’s adoption Layer-2 and self -care technologies as well as the Tokenization of Real World Assets (RWA) in Japan.
