LBank Labs Invests in Kintsu Seed Round Led by Castle Island Ventures to Revolutionize Liquid Staking on Monad
The post LBank Labs Invests in Kintsu Seed Round Led by Castle Island Ventures to Revolutionize Liquid Staking on Monad appeared on BitcoinEthereumNews.com.
Singapore, Singapore, September 5th, 2024, Chainwire LBank Labs, a $100-million multi-strategy crypto fund, is thrilled to announce its participation in Kintsu’s $4 million seed funding round, which was led by Castle Island Ventures. The round also saw participation from major industry players including Brevan Howard Digital, CMT Digital, Spartan Group, Breed VC, CMS Holdings, Animoca Ventures, and several high-profile angel investors such as Alex Matthews and Ross Trachtman from Brevan Howard Digital, Marin Tvrdic from Lido, and Robinson Burkey from Wormhole Foundation. Kintsu, a liquid staking protocol founded by Stephen Novenstern, a former head of strategy at Pangolin, has quickly garnered attention for its innovative approach to staking on the Monad blockchain. Having initially built a liquid staking protocol on the Aleph Zero blockchain, Kintsu has now pivoted its focus entirely to Monad, an Ethereum Virtual Machine (EVM)-compatible Layer 1 blockchain that is anticipated to be a game-changer in the DeFi space. “Staking creates an opportunity cost for DeFi, which can limit growth at the protocol level,” said Novenstern. “The liquid staking token category, not just liquid but ‘composable,’ posed a way to fix this and has seen great product market fit across revolutionary blockchains like Ethereum and Solana.” With Monad’s launch on the horizon, Kintsu sees a massive opportunity to catalyze the DeFi ecosystem on this new blockchain, which has been backed by major players like Paradigm, Electric Capital, and Coinbase Ventures. Kintsu’s seed round, which began in May and closed earlier this month, was structured as a simple agreement for future equity (SAFE) plus token warrants. While the valuation was not disclosed, the strategic backing by LBank Labs and other notable investors underscores the strong confidence in Kintsu’s potential to drive innovation in the liquid staking space. “We are thrilled to partner with Kintsu as they bring their…
Filed under: News - @ September 5, 2024 5:27 am