Liquid Staking Protocol pSTAKE raises $ 10 million from well-known venture capital firms and angel investors

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On Tuesday, pSTAKE, a liquid staking protocol from decentralized finance platform (DeFi) Persistence, announced in a statement to Cointelegraph that it had completed a $ 10 million strategic funding round from venture capital firms. Tendermint, the core developer of the Cosmos network, powers the persistence blockchain with its consensus engine.

Liquid staking is the practice where users “double-dipping” their crypto assets. The process allows for higher compound interest because assets earn in two pools instead of one pool, but is also riskier because investors hold multilayered derivatives of their original token.

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The funding was backed by various venture capital groups such as Three Arrows Capital, Sequoia Capital India, Galaxy Digital, DeFiance Capital, Coinbase Ventures, Tendermint Ventures, Kraken Ventures, Alameda Research, Sino Global Capital and Spartan Group. There are also angel investors like Ajit Tripathi, director of institutional business development at Aave; Do Kwon, founder of Terra; and Tascha Punyaneramitdee, co-founder of Alpha Finance, also joined.

Tushar Aggarwal, CEO and Founder of Persistence, said:

“PSTAKE has seen significant organic growth since its launch in September and we look forward to continuing this upward trend.”

Shailesh Lakhani, Managing Director of Sequoia India, commented on the development as follows:

“The Sequoia India team is pleased to support you in developing a roadmap that will bring new benefits and further composability to the staked assets.”