Stader Labs, a cryptocurrency staking management platform, has raised $4 million in funding to expand its development across different blockchains as well as expand its marketing initiatives.
Pantera Capital led the funding round, which included Coinbase Ventures, True Ventures, Hypershare, TerraForm Labs, and the Solana Foundation, as well as a variety of venture capital firms, blockchain foundations, and angel investors.
Stader Labs combines decentralized finance (DeFi) protocols and applications into a streamlined staking solution for delegators to maximize their profits. Staking, liquid staking, derivatives, gambling, and high-yield methods are all part of the current offering.
Amitej Gajjala, co-founder and CEO of Stader Labs, spoke about the company’s goals:
“We hope to empower crypto asset staking throughout the financial sector, making it easy and intuitive for investors to stake assets and generate returns.”
According to research published by JP Morgan in July, the switch to a proof-of-stake consensus method for Ethereum will increase the staking payout from $9 billion to $20 billion.
Pantera Capital CEO Dan Morehead anticipated that Ethereum would surpass Bitcoin as the top crypto asset in early August, prior to Ethereum’s EIP-1559 update, citing its mining energy consumption capabilities and significant impact on DeFi as grounds for the increase.
Pantera Capital partner Paul Veradittakit commented on the Stader fundraising round:
“Across protocols and validators, we will provide aggregation and decentralization for staking assets and derivatives.” We feel that the staking user experience can be enhanced for both retailers and institutions, and Stader Labs is well-positioned to play a key role in staking solutions’ widespread acceptance.”
