Aofex

pSTAKE Secures $10M in First-Ever Strategic Funding Round 

UTC by Ibukun Ogundare · 3 min read
pSTAKE Secures $10M in First-Ever Strategic Funding Round 
Photo: Unsplash

pSTAKE assured that the protocol and its stakeholders will benefit from the invaluable expertise of its “multi-faceted” investors.

Persistence ecosystem project pSTAKE announced that it raised $10 million in a recent strategic funding round. While announcing the closure of the $10 million funding round on the 16th of November, pSTAKE said it would use the fresh funds to bootstrap its flourishing liquid staking protocol. According to the liquid staking protocol, pSTAKE is a solution to the challenges of PoS staking. Also, the protocol is to give end-users an improved experience to influence mass adoption.

pSTAKE Announces $10M Seed Strategic Funding

The recently-closed funding was the first of its kind for pSTAKE, and it was conducted through a private token sale.

The pSTAKE funding round was led by Three Arrows Capital, Sequoia India, Galaxy Digital, and Defiance Capital. The co-founder of Three Arrows Capital, Kyle Davis, referred to pSTAKE as “strategically positioned to grow the DeFi ecosystem in the Cosmos ecosystem. While maintaining the security of the Cosmos ecosystem and other chains.”

The protocol wrote:

“In the process of securing funds to bootstrap our liquidity staking protocol, we have forged invaluable relationships with many industry-leading funds, major PoS validators and influential DeFi-focused angels.”

Other investors in the round are Kraken Ventures, The Spartan Group, and Coinbase Ventures. More include Sino Global Capital, Alameda Research, and Tendermint Ventures. According to Persistence founder and CEO Tushar Aggarwal, investors bought PSTAKE tokens in the sale and they received some XPRT “as an additional benefit.”

In addition, pSTAKE listed five validators in the funding announcement. They are Stake.fish, Figment Fund, Everstake, Chorus One, and Cosmostation.

Furthermore, the names under the “Angels” category include the head of institutional business at Aave, Ajit Tripathi. The founder and CEO of Terraform Labs, Do Kwon is also among the angels. Other DeFi-focused angels are Tascha Punyaneramitdee, co-founder of Alpha Finance, as well as Darren Lau, who was formerly with the Spartan Group and CoinGecko.

Investors to Have Direct Exposure to XPRT

pSTAKE assured that the protocol and its stakeholders will benefit from the invaluable expertise of its “multi-faceted” investors. Also, the investors now have direct exposure to Persistence’s native token, XPRT. This will enable them to “align incentives for the long-term benefit of the broader Persistence ecosystem.”

With the increasing adoption of both Cosmos ATOM and Persistence XPRT, pSTAKE will further offer support to other PoS chains such as ETH 2.0, Polkadot, Solana, Terra, and more. pSTAKE wrote in the blog:

“With further DeFi integrations for stkTOKENs incoming and the $PSTAKE token TGE also quickly approaching, Q4 is poised to be monumental for pSTAKE. pSTAKE is unlocking over $300B of staked assets, creating a more flexible environment, and developing more opportunities and utility for PoS assets. DeFi will never be the same again.”

Currently, pSTAKE has over $30 million in total value locked (TVL). Referring to its achievement, the protocol said that its vision has “resonated” with other giants in the industry.

Altcoin News, Blockchain News, Cryptocurrency news, News
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

Related Articles