It was on Tuesday, November 16, 2021, when pSTAKE made an announcement for the cryptocurrency community. The firm announced that it had successfully carried out a funding round helping it generate a huge figures. According to reports, pSTAKE has reportedly generated $10 million from a recently held funding round.
pSTAKE is powered by Persistence, which is a major platform from within the decentralized finance (DeFi) sector. pSTAKE is a liquid staking protocol that operates through the Persistence platform.
pSTAKE has announced that it has generated a figure of $10 million through a strategic funding round. The firm has generated the said figure with the support and backing of several venture capital firms.
Persistence platform is reportedly powered by the Cosmos Network, which is run by the Tendermint team of developers. The developers at the network use the consensus engine in order to power the blockchain for Persistence.
Through the staking program, the users have the ability to double or triple their cryptocurrency assets. They do it through the staking pools that are provided by different platforms from within the cryptocurrency sector. At present, some of the most prominent and highly beneficial staking protocols are provided from within the DeFi space.
pSTAKE has announced that the funding round it held saw the participation of several venture capital firms. Some of the most prominent venture capital firms in the funding round included Spartan Group, Sino Global Capital, Alameda Research, and Kraken Ventures.
Other major participants include Tendermint Ventures, Coinbase Ventures, DeFiance Capital, Galaxy Digital, Sequoia Capital India, and Three Arrows Capital.
Apart from the major investors, other prominent investors also included the co-founder of Alpha Finance, Tascha Punyaneramitdee. Then there is the founder of Terra, Do Kwon, and the institutional business development head at Aave, Ajit Tripathi.
The investors from Alpha Finance, Terra, and Aave are all angel investors that have also participated in the former funding rounds held by pSTAKE.
The founder and CEO of Persistence, Tushar Aggarwal, also talked about the completion of a successful funding round. Aggarwal revealed that pSTAKE has been recording a tremendous amount of growth ever since its launch. The firm had launched back in September and since then, its growth has been organic.
Aggarwal stated that they are more than glad to be a part of the pSTAKE protocol as one of the closest investors. They are confident that they are going to see pSTAKE follow an upward trajectory.
Sequoia India’s managing director, Shailesh Lakhani, also talked about the recent funding round. He stated that the cryptocurrency business in India is constantly growing larger and they are aiming to increase their support for international firms.