By
Temitope Olatunji
April 24th, 2024
Top-rated crypto staking platform, Stader Labs has finalized its recently held strategic private sale. It realized a whopping $12.5 million from the just concluded funding round.
Stader Labs, a cryptocurrency-based staking platform, has announced the final wrap of a strategic private sale it recently conducted. The fundraising event saw the company realizing about $12.5 million. The announcement reads:
“We’ve raised $12.5 million via a strategic private sale. Three cheers to that!”
Private Sale by Stader
Stader Labs is a non-custodial staking platform that is based on smart contracts. It basically allows users to conveniently and safely stake their assets with an already established basket of validators.
As revealed in the announcement, Stader Labs received support from a number of crypto companies as Three Arrows Capital took the lead for the sale. Afterwards, the funding round began to receive further participation from companies like Blockchain.com, Accomplice, DACM, GoldenTree Asset Management, Accel, Amber, 4RC, Figment and marquee angels including Matt Cantieri, GM at Anchor Protocol and Prabhakar Reddy, Co-founder of FalconX.
The just concluded fundraising event marks the second funding round the company has held so far. Prior to private sale, Stader Lab had previously hosted a private sale with Pantera, Coinbase Ventures, Jump Capital, True Ventures, Hypersphere, Proof, Ledger Prime, Huobi Ventures, Solidity Ventures and Double Peak, where it raised upto $4 million.
In a bid to offer a user-friendly staking model to users, Stader Labs provides two major products to users. These products include Stake Pools and Liquid Staking. The former provides custody services for customers to conveniently stake in baskets of validators that have been previously established by virtue of their qualities and efficiency.
The Liquid Staking protocol on the other hand, offers a liquidity token called LunaX to the users of the platform called. They can leverage the liquid token in times when they want to stake to participate in yield-boosting DeFi strategies.
Stader’s Smart Contracts to Support Multiple Chains Like Ethereum
Stader Labs has an ultimate mission to provide an efficient non-custodial staking platform that allows users to safely and easily stake their assets. Hence, making the financial space more fascinating and efficient for its customers. Hence it would be utilizing the generated funds to deploy necessary infrastructures capable of facilitating custom solutions.
In its quest to establish an economic ecosystem that will facilitate the growth of custom mechanisms including liquid staking, launchpads, rewarding yield redirection. gaming, and the likes, the company disclosed that it has decided to enable its smart contracts to be able to support multiple chains, like Ethereum, Polygon, Solana, Fantom, and Hedera soon.
The recent developments reflect the massive progress of the company in just a few months after it was launched late last year as unveiled in the announcement.
“Since we launched in November 2021, over 20,000 unique wallets are staking over 6 million LUNA with a total value locked of around $500 million. This clearly shows the traction that we have garnered and the market opportunity in staking,” wrote the company.