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Liquid staking protocol pSTAKE raises $10M from notable cryptocurrency enterprise capital companies and angel buyers

11/16/2021

Twelve enterprise capital companies and three angel buyers have joined in to fund the DeFi protocol.

On Tuesday, pSTAKE, a liquid staking protocol from decentralized finance (DeFi) platform Persistence, introduced in a press release supplied to Cointelegraph that it had closed a $10 million strategic funding spherical from enterprise capital companies. Tendermint, the core developer behind the Cosmos community, powers Persistence blockchain with its consensus engine.

Liquid staking is the observe of customers “double-dipping” with their crypto property — i.e., permitting them to stake their crypto in a single pool and use their staked property to farm yields in a liquidity supplier pool, or vice versa. The method permits larger compounded yields, as property generate returns in two swimming pools as an alternative of 1, however it’s also riskier, as buyers maintain multi-layer derivatives of their authentic token.

The funding was backed by numerous enterprise capital teams, resembling Three Arrows Capital, Sequoia Capital India, Galaxy Digital, DeFiance Capital, Coinbase Ventures, Tendermint Ventures, Kraken Ventures, Alameda Analysis, Sino International Capital and Spartan Group. As well as, angel buyers resembling Ajit Tripathi, head of institutional enterprise improvement at Aave; Do Kwon, founding father of Terra; and Tascha Punyaneramitdee, co-founder of Alpha Finance, additionally joined in.

Tushar Aggarwal, CEO and Founding father of Persistence, stated:

“PSTAKE has skilled vital natural development since its uncapped launch in September, and we’re thrilled to proceed constructing on this upward trajectory.”

Shailesh Lakhani, managing director of Sequoia India, gave the next remark relating to the event:

“The Sequoia India workforce is happy to help them as they construct out a roadmap that may carry new utility and additional composability to staked property.”