Crypto staking platform, Kiln, has just achieved a remarkable feat. The company has generated $17.6 million in funding to expand its staking offering.
At a time when the market is still mourning the fall of FTX, the staking platform is serving as a beacon of hope. It aims to create a staking infrastructure for enterprise-graded clientele.
This will enable them to offer staking directly to institutional customers. Kiln also intends to provide it as a staking product for companies to incorporate as services into their offerings.
According to a statement by the founder, Laszlo Szabo,
“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.”
The fund generated will also be used to develop and increase Kiln’s expanding product range.
The equity round, which Illuminate Financial led, was backed by ConsenSys, and the crypto exchange, Kraken. Other participants were GSR, LeadBlock Partners, Sparkle Ventures, Alven, and Blue Yard Capital.
Although Laszlo Szabo did not mention the valuation, he noted that this funding was a significant jump. About six months ago, Kiln raised about $5 million in the initial fundraising for this Series A.
Kiln stated the staking infrastructure would differ from its competitors by providing aggregation tooling that allows staking for both Kiln’s validators and competitors. By doing this, the risk will be spread using multiple providers.
The company will also offer dashboard services used by Binance US affiliates. This will enable companies to monitor staking across various protocols and blockchains. Kiln aims to automate this process for exchanges in the nearest future eventually.
Laszlo stated the company was not affected by FTX's fall because Kiln has diversified its products well enough to shield it from the event. Kiln has continued to make more significant moves as the company recently partnered with Ledger to offer Ethereum staking.
