Persistence, the startup behind the liquid-staking solution pSTAKE, has raised $10 million in a strategic funding round. It was led by Three Arrows Capital, Sequoia Capital India, Galaxy Digital and DeFiance Capital Invest.
The funds were also provided by Coinbase Ventures, Tendermint Ventures, Kraken Ventures, Alameda Research, Sino Global Capital, Spartan Group, the Stake.fish validators, Figment Fund, Everstake, Chorus One and Cosmostation, as well as some angel investors.
pSTAKE enables “unlocking” the liquidity of assets held in staking.
Holders of pSTAKE can mint a corresponding amount of ERC-20 tokens. They can be used in the DeFi-ecosystem of Ethereum — to earn staking rewards and in other use cases yield farming.
pSTAKE supports Ethereum, Cosmos and other Tendermint BFT-based blockchains. Persistence aims to build an ecosystem of cross-chain Web3 products designed to stimulate global liquidity and enable seamless value exchange.
Since its launch in July, the value of assets locked in pSTAKE has surpassed $35 million.
Support from venture investors should accelerate efforts to provide institutional access to DeFi. To this end, in September the startup struck a partnership with BridgeTower Capital. The agreement envisages integrating pSTAKE into the staking operations of BridgeTower Capital’s clients.
In October, the regulated FINMA cryptocurrency bank SEBA announced the launch of SEBA Earn. The service will allow institutional clients to earn income from crypto lending operations, DeFi and cryptocurrency staking.
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