Stader Labs, a cryptocurrency staking platform, today announced a $ 4 million funding round to accelerate the development of several blockchains, including Ethereum, Near and Polkadot, and to expand marketing campaigns.
The fundraising was carried out by Pantera Capital with the participation of a number of well-known venture capital funds, blockchain platforms and angel investors including Coinbase Ventures, True Ventures, TerraForm Labs, Solana Foundation, Diogo Monica (CEO of Anchorage). and Tim Ogilvie (CEO of Staked).
Stader Labs brings together decentralized finance (DeFi) protocols and applications into a simplified staking solution for authorized users to maximize their profits. Current offers include staking, liquid bets, derivative products, games and high-profit strategies.
Commenting on the company’s ambitions, Stader Labs Co-Founder and CEO Amitej Gajjala:
“We hope to strengthen crypto staking across the financial sector and make it easy and intuitive for investors to stake assets and make profits.”
A report released in July by JP Morgan estimated that moving Ethereum to a proof-of-stake consensus mechanism would increase staking payouts from $ 9 billion to $ 20 billion.
In early August, prior to Ethereum’s EIP-1559 upgrade, Pantera Capital CEO Dan Morehead predicted that Ethereum would overtake Bitcoin as the top crypto asset, citing its spending ability, mining energy use and its huge impact on DeFi are the reasons for the growth.
Related: Staking will eat a proof of work for breakfast – here’s why
On Stader’s fundraising, Paul Veradittakit, Partner at Pantera Capital said:
“We will provide aggregation and decentralization for staking assets and derivatives on both logs and validators. We believe the staking user experience can be improved for both retailers and institutions, and Stader Labs is ready to play an important role in mass adoption of staking solutions. “