Kiln Raises $17 Million in Funding to Expand Staking Infrastructure
Paris-based Ethereum staking infrastructure provider, Kiln, has successfully closed a $17 million funding round to support its institutional-grade offering and expand internationally. The funding will also contribute to the development of decentralized finance (DeFi) reward models.
Funding Round Led by 1kx
The funding round was led by 1kx, with participation from prominent investors such as Crypto.com, IOSG, Wintermute Ventures, KXVC, and LBank. Existing investors, including Kraken Ventures, GSR, and Avon Ventures, also contributed to the funding.
Kiln’s Future Plans
Kiln plans to utilize the capital to support its global expansion efforts, particularly in the Asia-Pacific (APAC) region. The company recently established a regional headquarters in Singapore and aims to focus on additional reward mechanisms in the DeFi space.
Kiln’s Growth and Partnerships
Kiln has seen significant growth and currently manages over $4.2 billion in staked assets. The platform has partnered with Ledger Live, Crypto.com, and Coinbase to provide pooled staking services. These partnerships aim to enhance inclusivity and expand access to value creation in the digital asset ecosystem.
Largest Ethereum Validator Node Operator
Kiln is now the largest operator of Ethereum validator nodes, representing about 4% of the Ethereum network. The platform enables users to stake smaller amounts collectively to reach the 32 ETH minimum required for native ether staking.
Hot Take: Kiln’s Funding Boosts Global Expansion and DeFi Development
With a successful $17 million funding round led by 1kx, Kiln is well-positioned to expand its institutional-grade offering and global presence. The funding will also contribute to the development of additional reward mechanisms in the DeFi space. Kiln’s strategic partnerships and growth as the largest Ethereum validator node operator further solidify its position in the market. As Kiln continues to enhance inclusivity and accessibility in the digital asset ecosystem, it is poised to play a significant role in the future of staking infrastructure.
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