Kiln, an Enterprise-grade staking platform, has secured a capital of 17 million euros ($17.6 million) in a fundraiser led by Kraken Ventures, ConsenSys, Sparkle Ventures, and GSR.
According to the announcement, Kiln intends to use the funds raised to extend its market-leading staking infrastructure product portfolio. Kiln believes that the staking market is becoming institutionalized and therefore, it needs to move beyond providing validators in order to meet the growing customer demand for risk distribution.
The funding, which comprises €17 million in Series A, will be used to expand the firm’s market-leading product line with additional features.
With its concentration as a technology provider, Kiln already provides the market’s broadest selection of products such as Kiln Connect, Kiln On-Chain, Kiln Dashboard, and Kiln Validators specifically designed for staking. These products include a straightforward and validator-neutral staking stack.
Kiln anticipates that demand for staking ETH will increase tremendously in the wake of the Ethereum network’s switch to a Proof of Stake (PoS) consensus (The Merge) in September.
Following the announcement, CEO and Co-founder of Kiln, Laszlo Szabo said “he is excited to finish a solid investment round with such reputable investors in the crypto industry, as it will allow Kiln to develop the next-generation market standard in staking technology.”
Seed Funding Despite the Crippling Crypto Economy
Some digital firms are still seeking and receiving seed capital to fund their operations despite the dwindling crypto market situation. For instance, Matrixport, a digital asset firm announced plans to raise $100 million in capital at a higher value.
Matrixport has already received $50 million in fundraising pledges from lead investors that were not revealed during a previous $1.5 billion valuation round. Matrixport is still looking for financing for the other half because the arrangement with the lead investors has yet to be signed.
Matter Labs, the company behind the zkSync Ethereum scaling solution, also announced last week that it has raised $200 million in a new fundraising round. Blockchain Capital and Dragonfly co-led the Series C funding round, which also included Variant, a16z, and LightSpeed Venture Partners.