DeFi
Kintsu Secures $4M in Seed Funding Led by Castle Island Ventures to Catalyze Monad DeFi with Liquid Staking
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New York, New York, July 25, 2024, Chainwire – Kintsuan 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 Businesseswith additional support from leading investors including Brevan Howard Digital, CMT Digital, Spartan Group, Breed VC, Arche Capital, CMS Holdings, Animoca Ventures, Reciprocal Ventures and LBank Labs. Renowned angel investors including Marin Tvrdić of Lido and Robinson Burkey of Wormhole also participated in the 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 disrupt the DeFi space with its next-generation liquid staking solutions. Historically, staking and DeFi have had to compete, playing the security and liquidity of the base layer token against each other. Kintsu provides Monad with composable staking rewards, improving the liquidity and security of the parallelized EVM. With a decentralized validator registry, Kintsu’s core smart contracts are designed so that validators can join in a permissionless manner while the community governs the percentage of the total staking pool that each gets. This funding will help accelerate the development and growth of Kintsu’s composable liquid staking middleware on Monad.
Strategic vision and future plans
With this successful seed funding round, Kintsu is poised to catalyze Monad’s DeFi ecosystem by providing developers with a turnkey way to integrate staking into their protocols. At Kintsu, they believe DeFi would be most effective with LST as the base routing tokens and collateral. Building on the shoulders of giants like Lido and Jito, Kintsu leverages best practices forged from multi-billion dollar TVL protocols while advancing DAO participation.
The “Liquid” (“LST”) category of staking protocols was widely heralded by Ethereum. After the Beacon Chain went live, Genesis validators were not given the opportunity to de-stake for an unknown amount of time that amounted to over 1,000 days before the merge was completed. Kintsu is indeed a “Liquid” staking protocol, but perhaps more importantly, it is a “composable” staking protocol.
About Kintsu
Kintsu Kintsu is at the forefront of DeFi innovation, delivering a next-generation liquid staking infrastructure that provides enhanced liquidity and security through composable staking rewards. Built on the Monad Network, Kintsu’s platform is designed to meet the evolving needs of the digital asset ecosystem, ensuring a seamless and potentially rewarding staking experience for users.
About Castle Island Ventures
Castle Island Businesses 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 supporting the next generation of blockchain entrepreneurs and fostering the growth of the decentralized ecosystem.
Contact
Julia Portelly
CW8 Communications
[email protected]