The platform, Stader Labs was founded in April 2021, received funding from a number of high-profile players in the crypto and blockchain industry.
Stader Labs, a cryptocurrency staking management tool, launched a $4 million funding round on Thursday to expand its marketing efforts and expedite development across several blockchains, including Ethereum, Near, and Polkadot.
Pantera Capital led the fundraising 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 creates a simplified staking solution for delegators to maximize their earnings by combining decentralized finance (Defi) protocols and apps. The current offering includes staking, liquid staking, derivatives, gambling, and high-yield methods.
Stader Labs co-founder and CEO Amitej Gajjala discussed the company’s goals:
“Our objective is to extend crypto-asset staking across the financial industry, making it easy for investors to stake assets and profit.”
According to a July study from JPMorgan Chase, Ethereum’s move to a proof-of-stake consensus method will boost the staking reward from $9 billion to $20 billion.
Pantera Capital CEO Dan Morehead projected that Ethereum (ETH) will surpass Bitcoin (BTC) as the biggest crypto asset in early August, prior to Ethereum’s EIP-1559 update, citing its mining energy consumption capabilities and significant influence on Defi as grounds for the rise.
Pantera Capital partner Paul Veradittakit commented on the Stader investment round:
“Through protocols and validators, we will enable aggregation and decentralization for staking assets and derivatives.” We think that the staking user experience for merchants and institutions can be enhanced, and Stader Labs is ideally positioned to assist in the adoption of stake solutions.”