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Cosmos liquid staking protocol pSTAKE raises $10 million in seed funding

cryptonews100_tggfrn by cryptonews100_tggfrn
November 16, 2021
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Cosmos liquid staking protocol pSTAKE raises $10 million in seed funding
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pSTAKE, a liquid staking protocol from blockchain startup Persistence, has raised $10 million in a seed funding spherical.

Three Arrows Capital, Galaxy Digital, Sequoia Capital India, and DeFiance Capital co-led the spherical, with Coinbase Ventures, Tendermint Ventures, Kraken Ventures, Alameda Analysis, and Sino World Capital additionally collaborating.

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A number of angel traders, together with Aave’s Ajit Tripathi, Terra founder Do Kwon and Alpha Finance co-founder Tascha Punyaneramitdee, additionally backed the spherical.

Crypto staking infrastructure suppliers, together with Stake.fish, Figment Fund, Everstake, and Refrain One, additionally joined the spherical.

This was pSTAKE’s first fundraise and was realized by way of a non-public token sale, Persistence founder and CEO Tushar Aggarwal instructed The Block. Buyers bought PSTAKE tokens in the sale, stated Aggarwal, including that additionally they acquired some Persistence (XPRT) tokens “as a further profit.”

Cosmos liquid staking 

pSTAKE might be in contrast with the liquid staking platform Lido, the biggest Ethereum 2.0 staking platform with 1.4 million ETH in deposits, price over $9 billion at present costs. Whereas Lido has centered on Eth2, pSTAKE will deal with Cosmos (ATOM), amongst different blockchains, stated Aggarwal.

pSTAKE has a “first-mover benefit” in Cosmos, in accordance with Aggarwal, who says it’s the first liquid staking platform for the Cosmos community.

Liquid staking is a option to get additional utility from belongings which are at present being staked. The way it works is once you stake tokens by way of a platform like Lido or pSTAKE, you obtain tokens equal in worth to the tokens that you’ve got staked in the protocol. This implies whereas your tokens are locked up and incomes staking rewards, you may also use that very same worth elsewhere in different DeFi protocols — incomes extra yield.

Notably, the Persistence crew has experience in Cosmos. It was concerned in the launch of Cosmos Hub and likewise operates validator nodes on a number of Tendermint and non-Tendermint based mostly proof-of-stake networks by its validation arm Audit.one, stated Aggarwal.

“pSTAKE is strategically positioned to develop the DeFi ecosystem in the Cosmos ecosystem whereas sustaining the safety of the Cosmos ecosystem and different chains,” stated Kyle Davis, co-founder of Three Arrows Capital.

Present TVL 

pSTAKE publicly launched its platform in September and has reached over $30 million in complete worth locked (TVL) for Cosmos and Persistence staking deposits. Persistence has its personal proof-of-stake blockchain as effectively, which is constructed on the Tendermint consensus engine.

Apart from pSTAKE and Audit.one, Persistence affords two extra merchandise: Asset Mantle, an NFT market framework, and Comdex, an artificial belongings buying and selling platform. Comdex, nevertheless, is a third-party providing, i.e., powered by Persistence, and never an in-house providing, stated Aggarwal.

With seed capital at hand, pSTAKE seems to help extra Tendermint-based blockchains for liquid staking, together with Terra (LUNA), in addition to Ethereum and Solana networks, stated Aggarwal.

To that finish, Persistence additionally plans to increase its present crew of 35, Aggarwal added.

© 2021 The Block Crypto, Inc. All Rights Reserved. This text is supplied for informational functions solely. It isn’t supplied or supposed for use as authorized, tax, funding, monetary, or different recommendation.



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