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Liquid staking protocol pSTAKE raises $10M from notable cryptocurrency venture capital firms and angel investors

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On Tuesday, pSTAKE, a liquid staking protocol from decentralized finance (DeFi) platform Persistence, introduced in an announcement offered to Cointelegraph that it had closed a $10 million strategic funding spherical from enterprise capital companies. Tendermint, the core developer behind the Cosmos network, powers Persistence blockchain with its consensus engine.

Liquid staking is the follow of customers “double-dipping” with their crypto belongings — i.e., permitting them to stake their crypto in a single pool and use their staked belongings to farm yields in a liquidity supplier pool, or vice versa. The method allows increased compounded yields, as belongings generate returns in two swimming pools as a substitute of 1, however additionally it is riskier, as traders maintain multi-layer derivatives of their authentic token.

The funding was backed by numerous enterprise capital teams, reminiscent of Three Arrows Capital, Sequoia Capital India, Galaxy Digital, DeFiance Capital, Coinbase Ventures, Tendermint Ventures, Kraken Ventures, Alameda Research, Sino World Capital and Spartan Group. As well as, angel traders reminiscent of Ajit Tripathi, head of institutional enterprise improvement at Aave; Do Kwon, founding father of Terra; and Tascha Punyaneramitdee, co-founder of Alpha Finance, additionally joined in.

Tushar Aggarwal, CEO and Founding father of Persistence, stated:

“PSTAKE has skilled vital natural progress since its uncapped launch in September, and we’re thrilled to proceed constructing on this upward trajectory.”

Shailesh Lakhani, managing director of Sequoia India, gave the next remark concerning the event:

“The Sequoia India workforce is worked up to help them as they construct out a roadmap that may convey new utility and additional composability to staked belongings.”