Enterprise-grade staking platform Kiln announced that it has closed a $17 million funding round to help expand its global footprint.
According to a press release, other companies participating in the funding round included web3, Wintermute Ventures, KXVC and IOSG Ventures, the first confirmed cryptocurrency fund investment firm for LBank.
Kiln plans to use the funds raised to grow its Asia Pacific operations through the opening of its Singapore headquarters in the first quarter of 2024 and to expand the company’s global footprint through additional product development, including additional compensation mechanisms in its definition.
The news follows Kiln’s partnerships with Ledger Live, Crypto.com and Coinbase to offer pooled staking services, and Kiln’s plans to support wallet providers by giving users the ability to stake Ethereum natively. This follows several developments in 2023, including the integration of the On-Chain platform with Coinbase Cloud. . As a result, Kiln has expanded its reach as a staking platform, increasing stakes under management fivefold over the past year.
“When we were looking to launch a full staking feature within our DeFi wallet, Kiln was the ideal partner to work with,” said Eric Anziani, President and Chief Operating Officer of Crypto.com, in a press release.
Since launch, Kiln has raised a total of $35 million from investors from a variety of leading cryptocurrency investment groups, including Illuminate Financial, Kraken Ventures, Avon Ventures, Consensys, GSR, Leadblock Partners, Sparkle Ventures, and XBTO, and continues to position itself for growth. there is. As per our most recent announcement, we are seeking new financing.
“Our mission is to democratize value creation in the digital asset ecosystem, giving millions of users easy access to rewards through our platform,” said Laszlo Szabo, Co-Founder and CEO of Kiln. “This announcement marks the beginning of a series of exciting developments.”