Kiln, an enterprise staking platform, raises $17 million for international growth.
Institutional clients can whitelabel staking capabilities into their products and stake assets with Kiln. Kiln, a well-known enterprise-grade staking platform, revealed today that it has raised an additional $17 million, increasing its total funding to $35 million.
Institutional clients can whitelabel staking capabilities into their offering and stake assets with Kiln. It operates validators on all major proof-of-work (PoS) blockchains as part of its essential services to safeguard the blockchains; more than $4 billion in cryptocurrency assets are programmatically staked, and more than 4% of the Ethereum network is hosted on multi-cloud, multi-region infrastructure.
Additionally, the French firm offers a suite of tools that are independent of validators for fully automated validator deployment, commission administration, and reporting. This allows exchanges, wallets, and custodians to simplify staking processes across many providers. As stated by Kiln's CEO and co-founder, Laszlo Szabo:
"Today's announcement highlights our dedication to expanding our enterprise-grade staking platform, and we are thrilled to have top investors in digital assets on board who are ready to support us in reaching our objectives. Our goal is to democratize the generation of value in the ecosystem of digital assets by giving millions of people simple access to incentives via our platform. We hope to expand in the near future, opening an office in Singapore as part of our attractive product selection."
With participation from Crypto.com, IOSG, Wintermute Ventures, KXVC, and LBank, 1kx led the investment round. Contributions from current investors Kraken Ventures, GSR, and Avon Ventures were also included in the round. with further funding from current investors in addition to involvement from Crypto.com, IOSG, Wintermute Ventures, KXVC, and LBank. $17 million fundraising round headed by 1kx, in which IOSG,
http://Crypto.com, participated According to Christopher Heymann, 1kx's founding partner:
"Financial institutions will take the lead in the cryptocurrency space by taking advantage of the enormous market potential and staking on behalf of their clients. Kiln becomes the market leader by providing the most complete, safest, and advanced staking-as-a-service. We are ecstatic to assist Laszlo and his outstanding group as they lead the way in staking solutions accessible worldwide."
The funds raised will be used to support Kiln's international expansion, which will include the development of its APAC division and the opening of its APAC Headquarters in Singapore in Q1 2024. Additionally, Kiln will continue to enhance its products by growing its platform to include other reward systems within DeFi.
