Kiln, a leading staking products provider, has acquired €17 million through a financing round.
The prominent firm, through the funds, intends to enhance its market outreach to broad users, as revealed in a press release shared with CryptoSlate.
Notable firms that contributed to the financing round included Consensys, Kraken Ventures, GSR, Leadblock partners, Sparkle Ventures XBTO, 3KVC, Blue Yard Capital, SV Angel, and Alven.
Kiln’s effort to expand its services and accommodate more users
With the funds, Kiln will invent new services that will aid investors in staking their assets in wallets, custodians, and exchanges of their choice. Further, the firm aims to consolidate its dominating presence in the staking sector by placing itself in a favorable position to grow the industry.
Recently, Kiln has been optimistic that the staking market is growing at a fast pace, thus increasing the need to advance its services. Also, the firm prioritizes customer satisfaction, so Kiln aims to extend its services beyond running validators to suit customers’ demands.
Previously, Kiln has engaged in numerous innovations tailored to suit investors and offer them the best staking options with healthy incentives. In recent times the staking firm introduced the staking of Ethereum on Ledger Live.
? We are thrilled to announce the release of Ethereum native staking in Ledger Live, powered by Kiln!
⛓️ Ledger Live users can now participate in Ethereum’s security and earn rewards for doing so.
? Thanks @Ledger for your trust!https://t.co/mxIyrOtsRx
— Kiln ?? (@Kiln_finance) November 17, 2022
The increasing demand for ETH staking options on mostly hardware wallets since the completion of the Ethereum Merge also prompted Kiln to develop the solution.
As part of its efforts to develop profitable and seamless stake services, Kiln has expanded its workforce to accommodate skilled professionals. Currently, Kiln has more than $500 million of staked assets under its care.
Reactions by top executive members
Prominent executives from Kiln and the investment ventures participating in the round have reacted to the development.
Benoît Bosc, GSR Global’s Head of Product, said their company’s missions are perfectly aligned, having used Kiln’s infrastructure to stake their treasury and to help clients in the future.
“We are delighted to be able to participate in the next stage of Kiln’s development and to contribute to making staking easier and more accessible to everyone,” Bosc added.
In addition, Rezso Szabo, Partner at Illuminate Financial, believes the Kiln team has demonstrated their ability to build key infrastructure essential for both digital assets and native institutions.
“We are excited to partner with such a high-caliber team, who are on a mission to raise the bar in B2B infrastructure for the whole ecosystem,” Szabo said