Liquid staking platform pSTAKE secures $10M in seed round
Cosmos-based staking protocol “pSTAKE” announced on Tuesday that it has secured $10 million in its seed funding round. The round was co-led by well-known VCs, including Three Arrows Capital, Galaxy Digital, Sequoia Capital India, and DeFiance Capital.
In addition, the round saw participation from Coinbase Ventures, Tendermint Ventures, Kraken Ventures, Alameda Research, and Sino Global Capital. Aave’s Ajit Tripathi, Terra founder Do Kwon, and Alpha Finance founder Tascha Punyaneramitdee participated as angel investors.
The team behind Persistence, an interoperable Proof-of-Stake (PoS) protocol that facilitates borrowing of Crypto assets using fiat currencies, is developing pStake. Persistence founder and CEO Tushar Aggarwal told The Block that pSTAKE’s first round of funding was held in the form of a private token sale.
The investors bought pSTAKE tokens and received some Persistence (XPRT) tokens along with it as well. “This funding represents a significant milestone for pSTAKE and the Persistence ecosystem,” said Tushar Aggarwal, CEO and Founder of Persistence. He added:
“With investment from leading VC firms, crypto funds, and crypto technology providers, this round will enable us to further accelerate the growth of pSTAKE and strengthen our presence in the Cosmos and Ethereum ecosystems.”
According to Aggarwal, pSTAKE is the first liquidity staking platform on the Cosmos network. Since pSTAKE unveiled its platform in September, the total value locked (TVL) of assets for staking by Cosmos and Persistence has exceeded $30 million.
The announcement noted that the funds raised would be used to expand liquidity staking to networks such as Polkadot, Ethereum, and Solana.
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