Liquid staking protocol pSTAKE Received $10M Funding from cryptocurrency venture capital firms and angel investors

Twelve task capital companies and three angel investors have joined in to fund the DeFi protocol.

pSTAKE, a liquid stacking protocol from decentralized finance (DeFi) platform Persistence, announced in a statement that it had closed a $10 million strategic funding round from undertaking capital firms. Tendermint, the core developer in the back of the Cosmos network, powers Persistence blockchain with its consensus engine.

Liquid staking is the exercise of users “double-dipping” with their crypto property — i.e., allowing them to stake their crypto in one pool and use their staked property to farm yields in a liquidity provider pool, or vice versa. The process enables higher compounded yields, as property generate returns in two swimming pools alternatively of one, but it is additionally riskier, as buyers keep multi-layer derivatives of their original token.

The funding was backed by means of various assignment capital groups, such as Three Arrows Capital, Sequoia Capital India, Galaxy Digital, DeFiance Capital, Coinbase Ventures, Tendermint Ventures, Kraken Ventures, Alameda Research, Sino Global Capital and Spartan Group. In addition, angel traders such as Ajit Tripathi, head of institutional enterprise development at Aave; Do Kwon, founder of Terra; and Tascha Punyaneramitdee, co-founder of Alpha Finance, additionally joined in.

Tushar Aggarwal, CEO and Founder of Persistence, said:

“PSTAKE has experienced a huge natural boom due to the fact it’s uncapped launch in September, and we are delighted to continue constructing on this upward trajectory.”

Shailesh Lakhani, managing director of Sequoia India, gave the following remark involving the development:

“The Sequoia India crew is excited to support them as they construct a roadmap that will carry new utility and in addition composability to staked assets.”

 

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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