Staking technology provider Kiln has closed out a $17.8 million fundraising round featuring the likes of Consensys and Kraken Ventures. The company is eyeing ‘exponential’ growth in demand for ETH staking services from institutional clients in the future.
Cointelegraph spoke to Kiln co-founder and CEO Laszlo Szabo to unpack the need for multi-faceted staking services. Major exchanges and service providers like Coinbase, Ledger and Binance are serving an increasingly institutionalized staking market according to Szabo and need to interact with multiple staking providers to spread operational risk:
This is a primary reason for Kiln creating a suite of products enabling wallets, custodians, and exchanges to handle multi-provider staking. Szabo also told Cointelegraph that the firm is in discussions with leading traditional financial institutions which are preparing comprehensive crypto-related products and exploring staking:
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