Kiln Raises $17.6 Million In Funding Round Involving Kraken And ConsenSys

Kiln has completed a €17 million ($17.6 million) fundraising round to extend its market-leading staking infrastructure product line.

ConsenSys and Kraken‘s venture arm have supported the institutional staking platform Kiln. The equity round, which closed in October, was led by Illuminate Financial and included participation from GSR, LeadBlock Partners, Sparkle Ventures, Alven, and Blue Yard Capital.

Co-Founder & CEO Laszlo Szabo declined to reveal the valuation but stated that it was a significant valuation increase. He said in a statement:

“At Kiln, we believe it is critical to provide enterprise-grade infrastructure to institutional users, that in turn enables our customers to create new opportunities for their users. We thank our existing and new investors for their partnership.”

Kiln is part of a group of service providers that have piqued the interest of investors by allowing institutions to participate in staking, a process of locking up crypto for rewards in exchange for securing the blockchain.

The funds will be utilized to expand Kiln’s industry-leading product line with additional features. With its concentration as a technology supplier supplying a simple and validator-agnostic staking stack, the firm already has the market’s largest product line devoted to staking.

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