Today, leading enterprise-grade staking platform Kiln announced it has raised $17 million in funding, bringing its funding to $35 million.
Kiln enables institutional customers to stake assets, and to whitelabel staking functionality into their offering.
As part of its critical services to secure the blockchains, it runs validators on all major PoS blockchains, with over $4 billion of crypto assets being programmatically staked, and over 4 per cent of the Ethereum network running on multi-cloud, multi-region infrastructure.
The French company also provides a validator-agnostic suite of products for fully automated deployment of validators, reporting and commission management, enabling custodians, wallets and exchanges to streamline staking operations across providers.
According to Laszlo Szabo, CEO and Co-founder at Kiln:
"Today's news demonstrates our commitment to growing our enterprise-grade staking platform, and we are delighted to be joined by leading digital assets investors who are primed to help us achieve our goals.
Our mission is to democratise value creation in the digital assets ecosystem, providing millions of users with easy access to rewards through our platform.
We have an exciting lineup of products and upcoming expansion plans, including establishing an office in Singapore."
The funding round was led by 1kx, with participation from Crypto.com, IOSG, Wintermute Ventures, KXVC and LBank. The round also included contributions from existing investors, including Kraken Ventures, GSR and Avon Ventures.
with participation from Crypto.com, IOSG, Wintermute Ventures, KXVC, LBank and further contributions from existing investors. $17 million funding round led by 1kx, with participation from IOSG, http://Crypto.com ,'
Christopher Heymann, Founding Partner at 1kx shared:
"Financial institutions will become a dominant force in crypto, leveraging the immense market opportunity as they stake on behalf of their customers.
Kiln emerges as the industry leader, offering the most comprehensive, secure, and sophisticated staking-as-a-service solution. We are thrilled to support Laszlo and his exceptional team as they pioneer global accessibility to staking solutions."
The fundraising will help finance Kiln's global expansion, including the growth of its APAC division through the opening of its APAC Headquarters in Singapore in Q1 2024, as well as further product development by expanding its platform to encompass various reward mechanisms within DeFi.
Lead image: Shubham Dhage.