French startup Kiln, which operates in the sphere of cryptocurrencies, has successfully completed a $17 million funding round.
The mentioned round was held by 1kx. Also, Crypto.com, IOSG, Wintermute Ventures, KXVC, and LBank took part in this process.
The French startup is focused on products focused on white-label infrastructure. Companies such as Ledger, Crypto.com, and Coinbase, rely on Kiln technology for pooled staking services in their non-custodial wallets.
Staking involves blocking crypto assets in the blockchain to ensure the security of the blockchain and transactions. In this case, the user stakes assets and eventually receives a reward.
Several proof-of-stake blockchains provide consumers with the ability to stake crypto assets such as Polygon, Solana, and Avalanche. Currently, the largest proof-of-stake blockchain is Ethereum, which switched to this mechanism in September 2022.
In the mentioned ecosystem, Kiln offers a set of smart contracts that simplify staking. The French startup programmatically manages the relevant process using network contracts. As part of a simple transaction, users participate in Kiln staking pools and begin to receive rewards.
The startup and its partners also get a commission, which is automatically processed by a smart contract. Kiln currently manages 1,168,288 staked ETH. At today’s exchange rate, this figure is equivalent to almost $3 billion in ETH assets under management. In 2023, the startup increased its share under management fivefold.
Kiln also has an SDK and APIs to facilitate integration with its staking pools. Moreover, a startup manages an extensive network of validators. Currently, the startup is the largest operator of validator nodes on the Ethereum blockchain with a market share of just over 4%.
Marie Siegrist, Head of Marketing at Kiln, says that using proprietary validation nodes is a way to guarantee the highest level of security while optimizing to achieve the highest financial performance. She also noted that validation nodes improve the quality of monitoring activities.
Marie Siegrist says that the current practical approach helps Kiln appear as a legitimate company with strategic partners such as the Ethereum Foundation, which shares best practices and anti-slashing strategy.
Laszlo Szabo, co-founder and CEO of the startup, says that the news of the successful completion of the financing round demonstrates the brand’s commitment to developing a corporate-level staking platform. The head of the company is pleased that Kiln has been joined by leading investors in digital assets who are ready to help achieve the brand’s goals.
Laszlo Szabo also said that the startup intends to expand its product line. Moreover, the company’s plans include opening an office in Singapore.
Throughout its existence, the startup raised a total of $35 million. The company charges a commission for the distribution of rewards. This means that the startup’s revenue indicator will grow in parallel with the increase in the total amount of assets under management.
As we have reported earlier, African Fintech Cleva Raises $1.5 Million.