Business Standard

Stader Labs nets $12.5 million led by Three Arrows Capital, others

The Bengaluru-based startup is a non-custodial, smart contract-based staking platform that helps retail and institutions discover and access staking solutions

startups, unicorn, funding, fintech, MSME, listing, companies

Press Trust of India Mumbai
Stader Labs has raised USD 12.5 million (over Rs 92 crore) in a strategic private sale that values the company at up to USD 450 million.
The Bengaluru-based startup is a non-custodial, smart contract-based staking platform that helps retail and institutions discover and access staking solutions, which can be leveraged for retail crypto users, exchanges, custodians, and mainstream fintech players.
The funding was led by Three Arrows Capital with additional participation from Blockchain.com, Accomplice, DACM, GoldenTree Asset Management, Accel, Amber, 4RC, Figment and select angels, including Prabhakar Reddy, Co-Founder of FalconX and Matt Cantieri of Anchor Protocol.
Previously, Stader raised USD 4 million from Pantera, Coinbase Ventures, Jump Capital, True Ventures, Hypersphere, Proof, Ledger Prime, Huobi Ventures, Solidity Ventures and Double Peak.
The capital will be strategically deployed to accelerate cross-chain expansion as well as to nurture the growing ecosystem of third-parties developing staking applications with decentralised Stader infrastructure, Stader Labs Chief Executive Amitej Gajjala said in a statement on Thursday.
Stader's two core products are Stake Pools, where users can safely and easily stake in pre-defined baskets of validators grouped by performance, and Liquid Staking, where users receive a liquid token (LunaX).
Since the launch last November, there are over 15,000 unique wallets staking over 5.9 million Lunax with a total value locked of around USD 500 million, which underscores both Stader's early traction and the broader market opportunity in staking infrastructure, Kyle Davies of Three Arrows Capital said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Topics : Startups

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First Published: Jan 20 2022 | 10:27 PM IST

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