Founded in 2017 in Tampa, Florida, BlockSpaces was one of the world’s first dedicated physical spaces for bitcoiners and blockchain enthusiasts to work, learn, collaborate, and build. By 2018, the space became known as a hub of activity and knowledge for businesses who were seeking to integrate this rapidly emerging technology for enterprise use cases.
Leveraging an extensive and growing network of savvy, passionate developers in both emerging tech and traditional enterprise systems, the company successfully guided numerous businesses in harnessing the transformative potential of decentralized, peer-to-peer frameworks with a wide range of notable projects and use cases.
By late 2019, the founders recognized a problem with these various development projects and embarked on a journey to create a low-code platform that would enable enterprise development teams to effortlessly integrate blockchain-based solutions into their existing businesses systems rather than fully replacing and disrupting their traditional workflows and processes and without requiring costly and lengthy development cycles. This included managing the complexity of running the unique node infrastructure required for blockchain technology, so while designing and building the initial integrations, the company successfully managed decentralized, P2P infrastructure, involving thousands of nodes across four global regions.
While in the design process, one focus became very clear right away as a major customer pain point: payments and the streamlined movement of collateral; the lifeblood of businesses of all sizes. Indeed, the company was already experiencing its own internal problems accounting for transactions coming into their accounting system from their own Lightning node. The Lightning Network is a second layer for Bitcoin (BTC) that uses P2P payment channels to scale the blockchain’s capability and handle transactions more efficiently and securely. The founders needed to way to directly integrate these transactions with their current system, but off-the-shelf solutions were clearly insufficient and cumbersome, costing both time and money to properly reconcile. So they developed an internal application to capture this data and embed it directly in their existing accounting software. Today, that internal application is available as the world’s first Lightning offering on the Quickbooks marketplace, with hundreds of other integrations available through it’s Fusion product.
In 2022, the financial industry faced multiple high-profile collapses due primarily to inadequate collateral risk management, highlighting a critical industry-wide problem. Drawing from their experience with the Lightning protocol and Fusion data integration technology, the BlockSpaces team envisioned a Bitcoin-native solution to comprehensively mitigate this risk.
BlockSpaces today is a Bitcoin-native financial and collateral risk management platform, built to serve the needs of Bitcoin companies, treasuries, lenders, OTC desks, and institutions. The core ARC engine utilizes Lightning’s bi-lateral, P2P channels for real-time margin settlement, demonstrating reduction of counterparty risk by over 90%. BlockSpaces' Fusion product seamlessly captures real-time Bitcoin/Lightning transaction data, ensuring accurate tracking, reporting, and settlement within existing financial systems, for full-cycle contract and financial management. From 2017 to the present , the company continues to focus on addressing critical industry challenges and offering innovative solutions for businesses in the digital age.
“We believe organizations like BlockSpaces that can facilitate a bridge between the “old world” and the new will have a huge impact on shaping the technology landscape over the next 5-10 years.”-Scott Barker, Venture Partner, GTM Fund