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Ethereum staking infrastructure provider Kiln has announced the close of a $17 million funding round, led by 1kx, with contributions from IOSG, Crypto.com, Wintermute Ventures, KXVC, LBank, and existing investors.
The round brings the total funding raised by Kiln to $35 million. The funds will be used to boost the platform's global expansion and new products, according to a statement on Thursday. Also announced was the opening of the Kiln's first office outside Europe, in Singapore.
"We are looking forward to serving new and existing customers in the region more effectively, with a team of veteran Kilners in addition to new local talent," Kiln said.
According to the Paris-based company, it runs validators on all major PoS blockchains, with ith $4.2 billion in staked assets under management in 2023, and running over 4% of the Ethereum network, on a multi-cloud, multi-region infrastructure. Kiln's solutions allows users to collectively stake smaller amounts, bypassing the 32 ETH minimum requirement for ether staking.
Kiln said it would also be rolling out new products: vNFTs enabling tokenisation of dedicated Ethereum validators, which has garnered increasing interest with the preparation and launch of ETFs, as well as a product in the DeFi space enabling integrator customers (wallets, exchanges, custodians) to monetize stablecoin rewards opportunities.