$10M funding from leading crypto funds and VC firms enables acceleration in the growth of liquid staking protocol by Persistence, pSTAKE
pSTAKE, the liquid staking protocol from Persistence, has closed USD $10 million in a strategic funding round, led by Three Arrows Capital, Galaxy Digital, Sequoia Capital India, and DeFiance Capital. Kyle Davis, Co-Founder, Three Arrows Capital, said, “pSTAKE is strategically positioned to grow the DeFi ecosystem in the Cosmos ecosystem while maintaining the security of the Cosmos ecosystem and other chains. The Persistence team, led by Tushar, have been constantly delivering and are impressive executors.”
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Other investors that participated in the round include Coinbase Ventures, Tendermint Ventures, Kraken Ventures, Alameda Research, Sino Global Capital, and Spartan Group. A number of angel investors also participated, including Ajit Tripathi (Head of Institutional Business Development at Aave); Do Kwon (Founder of Terra); and Tascha Punyaneramitdee (Co-Founder of Alpha Finance), showcasing their continued commitment to a long-term technology partnership. In addition, a number of industry-leading validators participated in the round, including; Stake.fish, Figment Fund, Everstake, Chorus One, and Cosmostation.
Tushar Aggarwal, CEO and Founder of Persistence, said, “This funding represents a significant milestone for pSTAKE and the Persistence ecosystem. With investment from leading VC firms, crypto funds, and crypto technology providers, this round will enable us to further accelerate the growth of pSTAKE and strengthen our presence in the Cosmos and Ethereum ecosystems. pSTAKE has experienced significant organic growth since its uncapped launch in September, and we are thrilled to continue building on this upward trajectory.”
This funding round solidifies pSTAKE as a leader in liquid staking and the Cosmos ecosystem. pSTAKE is Persistence’s liquid staking solution that unlocks the true potential of PoS assets by unlocking the liquidity of staked assets. Since its launch in July, over $35M in total value has been locked on pSTAKE, with that figure continuing to accelerate at pace following the recent uncapped launch. With this backing from major institutional players, pSTAKE will build on its work enabling institutional access to DeFi. In September this year, Persistence partnered with BridgeTower Capital earlier this year to enable institutional players to incorporate pSTAKE into their staking operations.
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To complement participation in the Persistence ecosystem and align long-term incentives for these investors, pSTAKE investors have also acquired XPRT to have direct exposure to the overall Persistence ecosystem.
“Tushar and the team behind pSTAKE are dedicated builders in web3 that are growing the utility of the Cosmos ecosystem. The Sequoia India team is excited to support them as they build out a roadmap that will bring new utility and further composability to staked assets,” said Shailesh Lakhani, MD, Sequoia India.
pSTAKE is a liquid staking solution that unlocks the true potential of PoS tokens by unlocking liquidity of staked assets. Token holders of pSTAKE supported PoS networks can mint 1:1 pegged ERC-20 staked representative tokens for their native PoS staked assets, which can then be utilized within the existing Ethereum DeFi ecosystem to generate both, DeFi yield and staking rewards.
Persistence is enabling exposure to multiple asset classes such as Liquid Staking (pSTAKE), NFTs (Asset Mantle) and Synthetics (Comdex). Persistence’s mission is to create an ecosystem of multi-chain Web3 products designed to stimulate global liquidity and enable seamless value exchange.
Persistence’s Core mainnet is a Proof-of-Stake chain powered by Tendermint BFT consensus engine. Persistence’s multi-chain tech stack (currently supporting Cosmos, Ethereum and other Tendermint-based chains) abstracts away the complexities for developers and enables them to create DEXs, marketplaces, lending/borrowing platforms etc.
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