Crypto restaking platform Renzo has raised $17 million from several crypto investment firms including Galaxy Ventures and Brevan Howard Digital Nova Fund to expand its services beyond just restaking Ethereum.
Renzo is built on top of the EigenLayer network. It has rapidly grown to become a major player in liquid restaking, which allows users to earn staking rewards while still having access to their tokens.
According to the project’s whitepaper, when users deposit ETH on Renzo, they receive an equal amount of ezETH tokens that can be freely traded. Data from DefiLlama shows Renzo currently holds over $3.6 billion worth of staked ETH.
With the $17 million raised, Renzo plans to add support for restaking ERC-20 tokens in addition to ETH. This means users will be able to earn rewards by staking many different cryptocurrencies built on the Ethereum blockchain.
Moreover, liquid restaking is witnessing explosive growth as crypto staking grows in popularity. Platforms like Renzo enabling liquid exposure to staked assets are positioning to capture market share. New restaking platforms such as Symbiotic are also raising capital to challenge incumbents like Renzo and Lido.
Also Read: Eigen Labs to Acquire Rio Network for Restaking Tech
