Kiln Closes $17M Funding Round for DeFi Expansion

Kiln has announced the close of a $17 million funding round with participation from Crypto.com and Wintermute Ventures, among others.

Laszlo Szabo of Kiln celebrating his jar of money.
Created by Gabor Kovacs from DailyCoin
  • Kiln has concluded a multimillion-dollar funding round.
  • The funds will be used to expand the company’s operations.
  • The company lined up a series of wins in the previous year.

Institutional crypto staking platform Kiln has concluded a multimillion-dollar funding round led by 1kx, according to an announcement made by the company on Thursday.

Besides offering institutional-grade staking services, Kiln runs validator nodes on over 30 proof of stake (POS) blockchains, including Ethereum, Polygon, Solana, Aptos, Atom, and NEAR. The company owns 4% of all ETH staked and has over $4 billion staked through its technology.

Kiln Raises $17 Million to Power Global Expansion

According to a press release dated January 18, Kiln has closed a $17 million funding round, with participation from Wintermute Ventures, LBank, KXVC, IOSG, Crypto.com, and “further contributions from existing investors.”

Sponsored

“The assets raised will be used to fund Kiln's global expansion, including the growth of its APAC division through the opening of its APAC Headquarters in Singapore in Q1 2024, as well as further product development by expanding its platform to encompass various reward mechanisms within DeFi,” the statement read.

Kiln CEO and Co-founder Laszlo Szabo welcomed the news, terming it a delightful moment to partner with digital asset investors “who are primed” to help the company achieve its goals.

The company noted that today’s announcement marked “the beginning of a series of exciting developments,” evidenced by the recent wins it paraded in the statement.

A Successful Run in 2023

Per the statement, Kiln partnered with three crypto-native companies in late 2023, including Ledger Live, Crypto.com, and Coinbase, to provide pooled staking services, allowing ETH holders to access staking with any ETH balance.

During the same year, Coinbase Cloud integrated Kiln’s On-Chain platform, allowing Coinbase Cloud clients to leverage on-chain partial ETH staking capabilities with limited engineering effort needed to integrate.

Kiln has raised over $35 million from investors across a range of notable investment groups, including Leadblock Partners, Kraken Ventures, Consensys, Sparkle Ventures, and Blue Yard Capital.

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Brian Danga

Brian Danga is a crypto reporter at DailyCoin covering breaking news. Brian has minor holdings in Bitcoin and Ethereum.

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