Ethereum staking infrastructure provider Kiln has successfully raised $17 million in a recent funding round, primarily aiming to expand its institutional-grade offerings, particularly in the Asia-Pacific region.
Led by 1kx, the funding round also saw participation from notable investors such as Crypto.com, IOSG, Wintermute Ventures, KXVC, and LBank, alongside contributions from existing investors including Kraken Ventures, GSR, and Avon Ventures.
Kiln has seen remarkable growth, with $4.2 billion in staked assets under management in 2023. Kiln is the leading operator of Ethereum validator nodes, holding 4% of the Ethereum network.
It allows users to collectively stake smaller amounts, bypassing the 32 ETH minimum requirement for ether staking. Kiln’s focus on improving DeFi reward models demonstrates its responsibility to innovation in the crypto industry.
The funding will also support Kiln’s product development, including additional reward mechanisms within the DeFi space.
Kiln has recently partnered with industry leaders such as Ledger Live, Crypto.com, and Coinbase to provide pooled staking services, promoting inclusivity in the digital asset ecosystem.
Furthermore, Kiln is working on a DeFi product that allows integrators like wallets, exchanges, and custodians to monetize stablecoin reward opportunities.
With its growing funding and strategic partnerships, Kiln is poised to continue its expansion and innovation in the cryptocurrency and staking sector, aiming to democratize value creation in the digital assets ecosystem.