Kiln raises $17 million in Series a funding

Kiln raises $17 million in Series a funding

Kiln recently announced the conclusion of its Series A funding round. The platform collected over 17 million dollars with the help of names like Illuminate Financial, ConsenSys, Kraken Ventures, GSR, Leadblock Partners, Sparkle Ventures, etc.

The news was shared through the official Twitter account of Kiln with a short video that revealed several key investors. The fund will go toward expanding Kiln’s staking framework product line.

Kiln, is a top supplier of staking technology, with assets valued at more than $500 million. Kiln firmly believes that institutionalization is what the staking market is heading toward. Consequently, it is time for businesses to move on from validators.

It hints towards creating multiple validator-agnostic services and APIs. These services will facilitate multiple-provider staking, allowing users to stake digital assets wherever they’re being stored. Exchanges, custodians, and wallets can avail themselves of this property without any hitch.

With the industry evolving rapidly, Kiln is offering a viable position to equip and accelerate the aggregator role. Kiln has predicted that the demand for staking Ether will increase greatly since Ethereum switched to a PoS (proof-of-stake) consensus.

Currently, users have only staked 12.5% of the total Ethereum supply. The number is quite low compared to the average of 50% to 80% of other proof-of-stake assets. With Ethereum offering an annual percentage yield of 6% to 7%, attractive returns entice more customers.

Now that Kiln has acquired enough funds to work on its plans, the industry can expect the platform to skyrocket in market standing.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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Published at Tue, 29 Nov 2022 14:09:58 +0100

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