Kiln, a crypto startup that gives users prizes for securing the <a href="https://www.cryptoknowmics.com/news/ethereum-gambling-vs-other-cryptocurrencies">Ethereum</a> blockchain, <a href="https://www.businesswire.com/news/home/20221128005157/en/Kiln-Announces-%E2%82%AC17-Million-in-Funding-to-Expand-Staking-Offering">acquired</a> 17 million euros ($17.6 million) in a <a href="https://www.cryptoknowmics.com/news/web3-infrastructure-firm-chainsafe-raises-18-75m-in-series-a-funding">Series A</a> fundraising round from a group of financiers that includes cryptocurrency accelerator <a href="https://www.cryptoknowmics.com/news/ethereum-software-firm-consensys-reveals-it-collects-user-data">Consensys</a>, investment company GSR, and cryptocurrency exchange <a href="https://www.cryptoknowmics.com/news/kraken-names-geminis-former-u-k-chief-as-its-new-u-k-managing-director">Kraken's</a> venture-capital arm.
<h2>Kiln to Expand Staking</h2>
According to a news announcement on Monday, the Paris-based startup intends to utilize the cash to increase the scope of its staking-as-a-service solutions.

Staking is the process of temporarily securing a coin on a proof-of-stake blockchain, such as Ethereum, in exchange for a portion of the revenue generated by transaction verification. In September, the second-largest cryptocurrency in the world switched from a proof-of-work consensus process to a proof-of-stake one, and staking services are anticipated to soar.
<h2>Other Investors in Fundraising Round</h2>
Ciaran O'Leary, co-founder and managing partner of BlueYard Capital, which funded in Kiln for the second time, was quoted in the press release as saying that staking is destined to be one of the fundamental threads of the entire cryptocurrency sector.

Products offering staking as a service enable committing digital assets to the blockchain simply for custodians, exchanges, wallets, and treasury managers. By the 23rd of November, Kiln was managing staked assets worth $500 million. In addition to the round's initial investors, 3KVC, SV Angel, and Alven, additional investors LeadblockPartners, Sparkle Ventures, and XBTO also actively participated.

Ethereum Staking-as-a-Service Startup Kiln Acquires $17.6M

Kiln, a business that gives users prizes for securing the Ethereum blockchain, acquired 17 million euros ($17.6 million) in a Series A fundraising round.

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Ethereum Staking-as-a-Service Startup Kiln Acquires $17.6M

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