Web3 Staking Protocol Kiln Secures $17M in a Round Led by 1kx

Quick take:

• The company offers a suite of white-label infrastructure products that are used by companies to facilitate their staking services in their non-custodial wallets.
• Kiln’s customers include the likes of crypto exchange platform Crypto.com, Coinbase and non-custodial wallet provider Ledger.
• The company also offers a software developer kit that eases the integration with staking services.

Kiln has announced a $17 million funding round led by 1kx. The fundraising, which took place in December 2023 also attracted participation from leading Web3 companies and VCs including Crypto.com, IOSG, Wintermute Ventures, KXVC and LBank.

Kiln offers a suite of white-label infrastructure products that are used by web3 companies to provide staking services through their non-custodial wallets. Some of the company’s notable partners include cryptocurrency exchange companies Crypto.com and Coinbase, as well as, a non-custodial wallet service provider ledger.

Kiln co-founder and CEO Laszlo Szabo hailed the fundraising as a demonstration of his company’s commitment to growing its grade-staking platform as it looks to achieve its primary goals. “We have an exciting lineup of products and upcoming expansion plans, including the establishment of an office in Singapore,” said Szabo.

Kiln has developed a software developer kit (SDK) and APIs to ease the princess of integrating staking pools with its technology. The company is also one of the largest validator network operators on Ethereum with more than 4% according to Rated Network data cited by TechCrunch.

According to Kiln’s dashboard on Dune Analytics, the protocol boasts 1,168,288 in staked ETH, which based on the current ETH/USD price translates to about $2.930 billion in staked assets under management.

Commenting on the announcement, Kiln’s head of marketing Marie Siegrist told TechCrunch’s Romain Dillet: “Operating our own validator nodes is a way to guarantee the highest level of security while optimizing for the highest financial performance. It also helps up when it comes to improving monitoring.

“Finally, this hands-on approach helps us appear as a legitimate company with strategic partners such as the Ethereum Foundation, which shares our best practices and anti-slashing strategy.”

****

Stay up to date:

Subscribe to our newsletter using this link – we won’t spam!

• Google News
• Twitter
• Telegram
• LinkedIn
• Facebook
• TikTok

The post Web3 Staking Protocol Kiln Secures $17M in a Round Led by 1kx appeared first on NFTgators .