PStake, the liquid staking protocol developed by Persistence, an Indian trade finance company, has raised $10 million following a strategic funding round. Three Arrows Capital, Sequoia Capital India, Galaxy Digital and Defiance Capital Invest led the round.
Coinbase Ventures, Tendermint Ventures, Alameda Research, Kraken Ventures, Sino Global Capital, Spartan Group, Stake.fish validators, Figment Fund, Everstake, Chorus One and Cosmostation, as well as some business angels, participated in the round.
pSTAKE allows you to “unlock” the liquidity of the tokens in the staking. In addition, holders can issue an appropriate number of ERC-20 standard coins. Moreover, they can be used in the Ethereum decentralized finance (DeFi) ecosystem to receive a staking reward and in other profitable yield farming cases.
Speeding up the work to ensure access of institutional investors to DeFi
Furthermore, pSTAKE supports Ethereum, Cosmos and other Tendermint BFT-based blockchains. Persistence has set a goal to create an ecosystem of inter-network Web3 products designed to stimulate global liquidity and ensure an unhindered exchange of values.
Since its launch in July, the volume of blocked assets in pSTAKE has exceeded $35 million.
The support of venture investors will speed up the work to ensure access of institutional investors to DeFi. With this purpose, in September, the startup entered into a partnership with BridgeTower Capital. Thus, the agreement implies the integration of pSTAKE into the staking operations of the latter’s clients.
A scheme allowing users to earn crypto rewards
Recall that in October, the FINMA-regulated cryptocurrency bank SEBA announced the launch of SEBA Earn. The service allows institutional clients to receive income from crypto lending operations, DeFi and cryptocurrency staking.
SEBA Bank said on Oct. 13 that as part of its SEBA Earn program, investors could use its Bitcoin (BTC) and Ether (ETH) lending services to create yields. The bank, which concentrates on digital assets, said it wanted to provide support for more cryptocurrencies in the future.
“As institutional interest in digital assets grows, investors’ hunger for crypto-assets grows. With a focus on generating services like staking, DeFi. As well as centralized crypto borrowing and lending”, stated SEBA Bank CEO Guido Buehler.