New York, New York, July 25, 2024, Chainwire
KintsuFidelity Investments, Inc., an innovative liquid staking protocol, is pleased to announce the successful completion of its $4 million seed funding round. The round was led by Castle Island Ventures, with additional support from prominent investors including Brevan Howard Digital, CMT Digital, Spartan Group, Breed VC, Arche Capital, CMS Holdings, Animoca Ventures, F-Prime Capital (a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments), Reciprocal Ventures, and LBank Labs. Notable angels including Marin Tvrdić of Lido and Robinson Burkey of Wormhole also participated in this round, alongside Chris Hermida of Switchboard, Alex Matthews and Ross Trachtman of Brevan Howard Digital, Geoff Renaud of Renaud Partners, and Sean Lippel of Fintech Collective.
Driving innovation in liquid staking
Kintsu is set to revolutionize the DeFi space with its next-generation liquid staking solutions. Historically, staking and DeFi have to compete with each other, playing with security and liquidity on the base layer token. Kintsu provides Monad with composable staking rewards, improving liquidity and security for the parallelized EVM. Featuring a decentralized validator registry, Kintsu’s core smart contracts are designed in such a way that validators can join in a permissionless manner while the community governs what percentage of the total staking pool goes to each. This funding will be instrumental in accelerating the development and growth of Kintsu’s composable liquid staking middleware in Cute.
Strategic vision and future plans
With the successful seed funding round, Kintsu is poised to catalyze Monad’s DeFi ecosystem by offering a turnkey way for developers to integrate staking into their protocols. At Kintsu, they believe DeFi would be more efficient with LST as core routing tokens and collateral. Standing on the shoulders of giants like Lido and Jito, Kintsu leverages best practices forged from multi-billion-dollar TVL protocols, while advancing DAO staking.
The “Liquid” Staking Protocol (“LST”) category was largely heralded by . After the Beacon Chain first went live, Genesis validators did not have the option to stop staking for an unknown period amounting to over 1000 days before the Merge was completed. Kintsu is indeed a “Liquid” Staking Protocol, but perhaps even more importantly, it is a “Composable” Staking Protocol.
About Kintsu
Kintsu is at the forefront of DeFi innovation, offering state-of-the-art liquid staking infrastructure that delivers enhanced liquidity and security through composable staking rewards. Kintsu’s platform, built on the Monad network, is designed to meet the evolving needs of the digital asset ecosystem, ensuring a seamless and potentially rewarding staking experience for users.
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About Castle Island Ventures
Castle Island Ventures is a leading venture capital firm focused on early-stage investments in blockchain technology and decentralized finance. With a portfolio of innovative companies, Castle Island Ventures is dedicated to backing the next generation of blockchain entrepreneurs and fostering the growth of the decentralized ecosystem.
ContactJulia PortellyCW8 Communications[email protected]
This article was originally published on Chainwire
