Kiln raises more than €17 million (about $17.8 million) from Kraken and ConsenSys

Kiln, a staking platform, closed a Series A round of €17 million (about $17.8 million) with participation from the venture arm of the bitcoin exchange Kraken and ConsenSys.

The startup was also backed by Illuminate Financial, GSR Ventures, Leadblock Partners, Sparkle Ventures, XBTO and existing investors, including 3KVC, Blue Yard Capital, SV Angel and Alven.

Kiln expects geometric growth in demand for staking ETH following the mainnet Ethereum‘s transition to the consensus algorithm Proof-of-Stake as part of the The Merge update in September.

The Paris-based startup will use the funds to expand its product line. Co-founder and CEO Laszlo Szabo declined to disclose the platform’s valuation but noted strong growth in the metric.

Earlier, analytics firm Nansen reported that four cryptocurrency platforms control over 61% of Ethereum in staking. The dominant DeFi protocol Lido Finance accounted for 31%.

Earlier, the trading platform Coinbase opened staking Ethereum for institutional clients.

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