Institutional Crypto Staking Platform Kiln Raises $17M in Funding
Institutional crypto staking platform Kiln has concluded a funding round that raised $17 million. The round was led by 1kx, with participation from Crypto.com, IOSG, Wintermute Ventures, KXVC, and LBank. Existing investors such as Kraken Ventures, GSR, and Avon Ventures also contributed to the round. This brings Kiln’s total funding to $35 million. The platform has seen significant growth in its staked assets under management, reaching $4.2 billion in 2023. Kiln plans to use the funding to support its global expansion and develop additional reward mechanisms in DeFi.
Enabling Native Ether Staking Below the 32 ETH Minimum
Kiln’s staking platform allows institutional clients to stake assets and offer white-label solutions. While it supports multiple proof-of-stake blockchains, most of Kiln’s staked assets are on Ethereum. It is currently the largest operator of Ethereum validator nodes, representing around 4% of the network. Kiln enables crypto users to stake smaller amounts of Ether by pooling stakes together to collectively reach the 32 ETH minimum required for native staking. This offers an alternative for those who cannot meet the minimum requirement.
Hot Take: Institutional Crypto Staking Platform Kiln Secures $17M Funding
Institutional crypto staking platform Kiln has successfully raised $17 million in a recent funding round led by 1kx. The platform has experienced significant growth in its staked assets under management, reaching $4.2 billion. With this new funding, Kiln plans to expand globally and enhance its product offerings in DeFi. Kiln’s innovative approach also enables native Ether staking below the 32 ETH minimum, making it more accessible to a wider range of participants. This funding round demonstrates the growing interest and support for institutional staking solutions in the crypto industry.
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