Decentralize Staking Ether.Fi Raises $5.3m
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An editor at Coincrop
28 Feb 2023 | 3 min read
ther.Fi successfully secured $5.3 million from North Island Ventures and Chapter One, in an effort to revolutionize decentralizing staking protocol across the global blockchain market!
After commencing the fundraising process at the start of this year, Mike Silagadze, founder of [company name], announced that their round closed in May with a total contribution from 35 investors. Among these include Node Capital, Arrington Capital, Maelstrom Ventures, Version One Ventures and Purpose Investments.
In 2021, Silagadze decided to transition from his career as a co-founder of edtech Top Hat and started running an ether staking fund named Gadze Finance. This daring move has opened up brand new opportunities for the crypto enthusiast.
His newest project Ether.Fi seeks to craft a decentralized and non-custodial staking program. The protocol gives users the ability to retain their keys while delegating validator operations over to node operators, as per the statement made in regards of the funding round. Silagadze mentioned that most present services are centralized and custodial.
By utilizing Ether.Fi, Ethereum stakers will receive a Non-Fungible Token (NFT) representation of their validator for every successful stake they make. With this NFT, users are given the ability to store extra data that could be utilized by developers in order to build out more powerful staking infrastructure solutions.
On March 4, the protocol is set to launch at ETHDenver, and this investment will be used to add more engineers to the team as well as solidify further collaborations beyond its current partnerships with operators like Kiln and Finoa.
JonathanAn editor at Coincrop
Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.
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