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Ethereum Staking-like Startup Fireworks Raises $17.6M

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Ethereum Staking-like Startup Fireworks Raises $17.6M. The company in Paris is betting on the growth of staking services when Ethereum merges.

Kiln, a startup that allows customers to receive rewards for helping secure the Ethereum blockchain, has raised €17 million ($17.6 million) in Series A funding from a group of investors including crypto incubator Consensys, the company GSR investment in Kraken venture. – capital arms. The Paris-based company plans to use the money to expand its offering as a service, according to a press release on Monday.

Staking involves locking a cryptocurrency for a certain period of time in a proof-of-concept blockchain such as Ethereum and receiving a share of the proceeds from transaction verification. The world’s second-largest cryptocurrency changed its verification algorithm from proof-of-work in September, and staking work is about to explode.

“Staking will be one of the cornerstones of the entire crypto industry,” Ciaran O’Leary, co-founder and general manager of BlueYard Capital, which invested in Kiln for the second time, said in a press release. information. Product Ethereum staking as a service allows custodians, exchanges, wallets and fund managers to easily stake their digital assets on the blockchain. Kiln had $500 million in assets under management as of November 23.

LeadblockPartners, Sparkle Ventures and XBTO also participated in the round, along with existing investors 3KVC, SV Angel and Alven.

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