Renzo Protocol Raises $17 Million Across Two Funding Rounds

Galaxy Ventures and Nova Fund – BH Digital have each led a funding round for Renzo protocol.

A man dancing in a money rain in a money suit.
Created by Gabor Kovacs from DailyCoin
  • Renzo protocol has raised millions.
  • The capital was raised in two funding rounds.
  • This comes after the protocol raised $3.2 million in funding in January.

Renzo Protocol announced on Tuesday that it has raised millions across two recently concluded funding rounds.

Renzo is a liquid staking protocol that leverages staked or deposited Ether tokens on the Ethereum network to secure additional networks known as actively validated services (AVS). Binance listed the protocol’s native utility token, REZ, on April 23. CoinMarketCap data shows that it is currently trading at $0.09941 after losing 10% in the last 24 hours.

Renzo Secures $17M Funding

In an announcement shared on X (formerly Twitter) on June 18, Renzo Protocol said that it has raised 17 million in two funding rounds. Galaxy Ventures led the first round, and the Nova Fund—BH Digital, a company headed by BlackRock and Dragonfly Capital veteran Kevin Hu—led the second round.

Sponsored

The funding rounds attracted participation from other notable industry backers, including Antalpha Ventures, Consensys, Maven11 Capital, Figment Capital, BanklessVC, SevenX Ventures, 280 Capital, and L2 Iterative Ventures.

While Renzo did not clarify how it will use the fresh capital to expand its restaking services, the protocol urged users to stay tuned for upcoming updates.

“Renzo is making restaking accessible for everyone!” The post read. “Pioneering native restaking from rollups with $1B+ restaked from Ethereum L2s alone. Renzo has an extensive suite of products on the way, stay tuned for more updates!”

Renzo’s latest funding rounds follow $3.2 million raised in January via Maven11, Figment Capital, and Binance Labs. DeFiLlama data shows that the protocol has amassed nearly $3.6 billion in total value locked and a market cap of $111.85 million.

Sponsored

Read how REZ was featured on Binance Launchpool:
Binance Launchpool Features Renzo (REZ) as 53rd Project

Stay updated on HashKey Group’s planned token airdrop and listing:
HashKey Group Plans HSK Token Airdrop and Listing in Q3

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.