Crypto data aggregation startup, Staking Rewards says it has raised $3.2 million from the biggest fund managers in the cryptocurrency ecosystem.
The funding round was led by Galaxy Digital, CoinShares, and Digital Currency Group with participation from 1kx Capital and Sygnal Ventures, along with angel investors including early CoinMarketCap team members, and the crypto asset advisory firm NxGen.
Staking Rewards currently offers more than 400,000 users all over the world comprehensive data about Proof-of-Stake (PoS) platforms or other yield-generating protocols in the digital currency ecosystem. While there are prominent market research and aggregation protocols, Staking Rewards comes off as a pioneer in the PoS ecosystem.
According to the startup’s founder and Chief Executive Officer, Mirko Schmiedl, the new funding will be deployed to power the protocol’s innovative product development.
“The new investment will fuel our growth and positioning as the trusted data hub for the $40 billion staking industry. The capital will allow us to develop a new suite of products and services catering to the staking space, including the development of investable staking index products,” he said in the official statement.
As unveiled by the firm, the staking products that will be developed are on track to be integrated by its core investors, some of which offer index funds already, giving the products a ready market.
Modelling a growing trend in the cryptocurrency industry, the funding round was oversubscribed 6x as investors are notably impressed with the growth of the startup which has grown its staff strength from a team of 4 to 15. CEO Mirko also detailed plans to deploy the funds into hiring new staff by Q1 2022. The pioneering role in offering profitable earning options to investors has been highlighted as one of the key factors that have endeared investors to the platform.
“One of crypto’s strongest adoption drivers will be passive income opportunities and Staking Rewards is perfectly positioned to capture a large market of those,” said Christopher Heyman, Partner, 1kx Capital.
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