Web3.0 Staking Platform Kiln Raises $17.6M from ConsenSys, Others

UTC by Benjamin Godfrey · 3 min read
Web3.0 Staking Platform Kiln Raises $17.6M from ConsenSys, Others
Laszlo Szabo, Kiln CEO & Co-founder. Photo: Kiln

The Kiln staking platform plans to use the accrued funding to add new features to its products in order to serve more users in the industry.

Kiln, a Web3.0 startup with a broad focus on bringing staking services to broader blockchain and traditional industry has announced it has raised the sum of €17 million ($17.6 million) from investors. As announced by the platform, the funding round enjoined participation from ConsenSys, GSR, Kraken Ventures, Leadblock Partners, Sparkle Ventures, XBTO, and renewed participation from existing investors 3KVC, Blue Yard Capital, SV Angel, and Alven among others.

The Kiln business proposal is one that is hinged on the fact that staking services on the Ethereum (ETH) protocol is going to skyrocket in the near future. This proposition is based on the transition of the blockchain network from the Proof-of-Work (PoW) consensus model to the Proof-of-Stake (PoS) model.

Since the transition, the staking on Ethereum is just about 12.5% of the total Ethereum coins in circulation. This figure pales when compared to the 50 – 80% for other PoS protocols, giving the confidence that the staking demand on Ethereum is bound to grow over time. Kiln is also optimistic that the 6-7% reward range it offers is an attractive alternative for institutional investors to explore.

“I am thrilled to close a robust funding round with such respected investors in the crypto space which will enable us to build out the next generation market standard in staking technology,” Laszlo Szabo – Co-Founder & CEO at Kiln, “At Kiln, we believe it is critical to provide enterprise-grade infrastructure to institutional users, that in turn enables our customers to create new opportunities for their users. We thank our existing and new investors for their partnership. The Kiln team couldn’t be more excited about this next stage of building out a world-class staking stack.”

The staking offering on Ethereum offers no counterparty risk, making it quite ideal for investors across the board.

Kiln Funding and Plans to Scale Staking Offerings

The Kiln staking platform plans to use the accrued funding to add new features to its products in order to serve more users in the industry.

At the moment, Kiln offers such products as Kiln Connect, Kiln On-Chain, Kiln Dashboard, and Kiln Validators. Each of these products has its targeted purpose and while Kiln Connect provides a single SDK to integrate staking, rewards data, and your custodian on all major PoS blockchains, Kiln Validators offer a suite of dedicated or shared validators, with enterprise-grade SLAs, deployed on our multi-cloud Kubernetes infrastructure.

With the generated funding, the start-up is looking at increasing its client base beyond Binance US, GSR, and Ledger that currently utilizes its offerings. Kiln currently has as much as $500 million in staked assets, and by virtue of its broadening network, it hopes this figure will also rise in the near future.

Kiln has an experienced team piloting its affairs, and this contributes to investors’ confidence in backing the firm amidst the ongoing crypto ecosystem turmoil.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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