New York, New York, July 25, 2024, Chainwire
Kintsupioneering liquid staking protocol, is excited to announce the successful completion of a $4 million seed funding round. The round was led by Castle Island Ventures, with additional support from prominent investors including Brevan Howard Digital, CMT Digital, Spartan Group, Breed VC, Arche Capital, CMS Holdings, Animoca Ventures, F-Prime Capital (a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments), Reciprocal Ventures, and LBank Labs. The round also saw participation from prominent angels such as Marin Tvrdić of Lido and Robinson Burkey of Wormhole, alongside Chris Hermida of Switchboard, Alex Matthews and Ross Trachtman of Brevan Howard Digital, Geoff Renaud of Renaud Partners, and Sean Lippel of Fintech Collective.
Driving Innovation in Liquid Staking
Kintsu is set to revolutionize the DeFi space with its next-generation liquid staking solutions. Historically, staking and DeFi have had to compete with each other, playing off each other’s security and liquidity in the base layer token. Kintsu provides Monad with compounding staking rewards, increasing liquidity and improving the security of the parallel EVM. With a decentralized validator ledger, Kintsu’s underlying sharp contracts are designed to allow validators to join without permission, while the community decides what percentage of the total staking pool each gets. This funding will be instrumental in accelerating the development and growth of Kintsu’s compounding liquid staking middleware on Monad.
Strategic vision and future plans
With a successful seed funding round, Kintsu is poised to catalyze the Monad DeFi ecosystem by offering developers a ready-made way to integrate staking into their protocols. At Kintsu, we believe that DeFi would be more proficient with LST as the underlying routing and collateral tokens. Building on the shoulders of giants like Lido and Jito, Kintsu leverages best practices from multi-billion TVL protocols while promoting DAO participation.
The “Liquid” (“LST”) staking protocol category was largely pioneered by . After the initial launch of the beacon chain, genesis validators were unable to withdraw their staking for an unknown period of over 1000 days before the merge was completed. Kintsu is indeed a “Liquid” staking protocol, but perhaps even more importantly, it is a “Composable” staking protocol.
About Kintsu
Kintsu is at the forefront of DeFi innovation, offering a next-generation liquid staking infrastructure that delivers enhanced liquidity and security through composable staking rewards. Built on the Monad network, the Kintsu platform is designed to meet the evolving needs of the digital asset ecosystem, providing users with a seamless and potentially rewarding staking experience.
X
About Castle Island Ventures
Castle Island Ventures is a leading venture capital firm focused on early-stage investments in blockchain technology and decentralized finance. With a portfolio of pioneering companies, Castle Island Ventures is dedicated to supporting the next generation of blockchain entrepreneurs and supporting the growth of the decentralized ecosystem.
contactJulia PortellyCW8 Communicationjulia@cw8-communications.com
