Kiln, a leading provider of staking products, has raised €17 million through a funding round.
Through the funding, the prominent company intends to enhance its market outreach to a wide range of users, as revealed in a press release shared with CryptoSlate.
Notable companies contributing to the funding round include Consensys, Kraken Ventures, GSR, Leadblock Partners, Sparkle Ventures XBTO, 3KVC, Blue Yard Capital, SV Angel and Alven.
Kiln’s efforts to expand the service and accommodate more users
With this funding, Kiln will invent new services to help investors stake their assets into wallets, custodians, and exchanges of their choice. Additionally, the company aims to strengthen its dominant presence in the staking sector by being well positioned to grow the industry.
Recently, Kiln is optimistic that the rapid growth of the staking market has increased the need to improve its services. Also, because Kiln values customer satisfaction, Kiln aims to extend its services beyond running validators to meet customer demands.
Previously, Kiln has worked on a number of innovations tailored to investors, providing the best staking options with sound incentives. Recently, the staking company introduced Ethereum staking on Ledger Live.
🙌 We are excited to announce the release of Ethereum native staking on Ledger Live powered by Kiln.
⛓️ Ledger Live users can now earn rewards for participating in Ethereum security.
— Kiln 🧱🔥 (@Kiln_finance) November 17, 2022
Since the completion of the Ethereum merge, the growing demand for ETH staking options, primarily on hardware wallets, has also prompted Kiln to develop a solution.
As part of an effort to develop a profitable and seamless staking service, Kiln has expanded its workforce to accommodate skilled professionals. Currently, Kiln manages more than $500 million of his assets.
Kiln’s prominent executives and investment ventures participating in the round reacted to the development.
Benoît Bosc, Head of Product at GSR Global, said the company’s mission perfectly aligns with using Kiln’s infrastructure to secure its finances and help clients in the future. .
“I am delighted to be a part of the next phase of Kiln’s development and contribute to making staking easier and more accessible to everyone,” added Bosc.
Additionally, Illuminate Financial partner Rezso Szabo believes the Kiln team has demonstrated its ability to build critical infrastructure for both digital assets and native institutions.
“We are thrilled to partner with such a talented team on a mission to raise the bar for B2B infrastructure across the ecosystem,” said Szabo.