Kiln Secures $17 Million in Funding to Enhance Its Crypto Staking Platform 

Aiming to usher in institutional-grade cryptocurrency staking solutions Kiln Kiln has announced it successfully closed a funding round of $17 million, spearheaded by 1kx, with contributions from Crypto.com, Wintermute Ventures, KXVC, and LBank. Long-time backers like Kraken Ventures, GSR, and Avon Ventures also participated in this round. IOSG The fresh capital will primarily support Kiln's plans for worldwide expansion, particularly focusing on the development of its Asia-Pacific division following the establishment of a regional headquarters in Singapore in the first quarter. This fundraising round has upped Kiln's total funding to an impressive $35 million.

The funds will also facilitate advancements in product innovation, particularly by adding new reward mechanisms in the decentralized finance (DeFi) space. Currently, the firm is working on a DeFi product designed to enable integrators such as wallets, exchanges, and custodians to tap into stablecoin reward opportunities. Asia-Pacific \"We aim to democratize value creation within the digital assets ecosystem, granting millions the opportunity to earn rewards through our platform. We’re excited about our forthcoming products and expansion strategies, including setting up operations in Singapore,\" expressed Laszlo Szabo, co-founder and CEO of Kiln.

Kiln’s staking platform allows institutional clients to stake their assets efficiently while providing white-label solutions for their clientele. Although it supports various proof-of-stake blockchains, a significant portion of Kiln’s staked assets—valued at over $3.1 billion—are concentrated on the decentralized finance \"Financial institutions are set to become a powerful player in the crypto space, harnessing the vast market potential as they stake for their customers,\" stated Christopher Heymann, Founding Partner at 1kx. 

Kiln Aspires to Transform Crypto Staking Industry

Through the utilization of advanced smart contracts, Kiln enables crypto holders to stake smaller amounts, adding an element of flexibility to the staking landscape. The system allows for the pooling of stakes so users can collectively meet the 32 ETH threshold, which is around $81,000. This initiative provides an alternate solution to similar adaptable staking options available with liquid staking protocols like Lido and Rocket Pool. Ethereum blockchain .

The platform has seen tremendous growth, as its assets under management have soared more than five times in 2023, totaling an impressive $4.2 billion. This surge can be attributed to the platform's effective integration with several custody solutions, wallets, and exchanges over the past year. In 2023, Kiln collaborated with Ledger Live and others to streamline such integrations. Currently, Kiln stands as the largest operator of Ethereum validator nodes, accounting for 4% of the

In its last funding round, Kiln successfully secured $17.6 million from notable investors like Illuminate Financial, LeadBlock Partners, Sparkle Ventures, Alven, and Blue Yard Capital, among others.

Recently, Coinbase Cloud has integrated Kiln’s on-chain staking protocol into its offerings, enabling users to engage in native ETH staking with amounts lower than the 32 ETH requirement. Traditionally, staking in ETH has necessitated a minimum of 32 ETH, which poses a significant barrier to potential participants.

This latest round of funding is poised to revolutionize Kiln's platform, enhancing its services, facilitating growth into the South Pacific region, and ultimately attracting a larger pool of institutional investors. Crypto.com Please be aware that the information provided on this page is not intended to be construed as legal, tax, investment, financial, or any advisory services. It’s crucial to only invest what you can afford to lose, and to seek independent financial counsel if necessary. For more details, we recommend reviewing the terms and conditions as well as the help and support resources available from the issuer or advertiser. MetaversePost strives for accurate and unbiased reporting; however, market conditions can change unexpectedly. Ethereum network .

Alisa, a passionate journalist at Cryptocurrencylistings, focuses on cryptocurrency, zero-knowledge proofs, investments, and the expansive world of Web3. With a sharp instinct for new trends and innovations, she delivers in-depth insights that engage readers in the ever-changing arena of digital finance.

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