French startup Kiln has raised €17m in its Series A round led by Illuminate Financial with participation from ConsenSys, Kraken Ventures and other investors. With over $500 million under management, Kiln is building a dedicated enterprise staking platform.
The startup Kiln accelerates its development
Kiln has closed a €17 million funding round to expand its range of staking products.
With over $500 million in cryptocurrencies under management, Kiln has received funding from Illuminate Financial with participation from many top investors such as ConsenSys, GSR, Kraken Ventures, Leadblock Partners, Sparkle Ventures, and XBTO.
The historical investors, namely 3KVC, Blue Yard Capital, SV Angel and Alven, have also renewed their participation.
Kiln provides an ‘as-a-service’ staking product, either directly to institutional clients or in the form of an API key allowing companies to incorporate staking services into their offerings. ours
This new funding will be used to improve Kiln’s product line. This range includes:
- Kiln Connect : a solution that offers a unique development kit to integrate staking on all the main blockchains in Proof of Stake;
- Kiln On-Chain : a tool that provides smart contracts for the transparent staking of ETH, for any amount of ETH and for the automated management of rewards;
- Kiln Dashboard : a dashboard dedicated to staking, an administration interface, reports and data exports;
- Kiln Validators : a suite of dedicated or shared validators deployed on its Kubernetes multi-cloud infrastructure.
Laszlo Szaboco-founder and CEO of Kiln, explained that this funding round will allow his company to develop the next generation of market standards in staking technology:
“At Kiln, we believe in providing enterprise-grade infrastructure to institutional users, which enables our customers to create new opportunities for their users. »
The company counts among its customers leading companies in the sector, such as Binance US, Ledger and Flowdesk.
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Focus on institutions
Kiln sees the staking market becoming institutionalized and that he “must go beyond simply managing validator nodes to meet the growing need for customers to spread risk.”
Following the transition of the Ethereum blockchain to Proof of Stake (PoS) consensus after The Merge stake, Kiln predicts exponential growth in ETH staking demand.
To date, only 12.5% of ETH supply is staked, compared to 50-80% for other blockchain cryptocurrencies in Proof of Stake. Additionally, with an annual return around 6-7% per year since The Merge, ETH staking offers an attractive rate of return for investors.
Beyond the Ethereum blockchain, Kiln also integrates the Solana, Near Protocol, Polkadot, Cardano, and Cosmos Hub networks. Other integrations are planned in order to cover the maximum blockchain in Proof of Stake.
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