Binance Labs has announced an investment in pSTAKE Finance, a liquid staking protocol developed by Persistence.
Launched in August 2021, sStaked Finance has become the most popular liquid staking solution in the Cosmos ecosystem after staking about $60 million worth of assets since it was launched.
pSTAKE Supports $ATOM and $XPRT
Binance Labs, which is the investment arm of crypto exchange Binance, says it wants to provide more staking into the BNB ecosystem. The investment also allows assets like BNB to be staked on the pSTAKe platform for the minting of staked representative tokens known as ‘stkASSETs’.
Apart from Binance Labs, other companies also participated in the funding. These include Kraken Ventures, Sequoia Capital India, Do Kwon, Sino Global, Lattice Capital, Tendering Ventures, DeFinance Capital, Galaxy Digital, and Three Arrows Capital.
Presently, pSTAKE offers support for the staking of $XPRT and $ATOM. It also supports leading DeFi protocols such as Sushi and Anchor Protocol.
Also, it will be offering support for blockchains such as BNB Chain, Avalanche, and Solana in the future. It has already rolled out the ETH2.0 liquid staking testnet on its platform.
pSTAKE to Offer More DeFi Innovation
Founder of Persistence, Tusher Aggraval, commented on the fund. He noted that the goal is to develop a solution that enables users to easily stake their assets. This will ensure the security of the underlying network, reducing the complexities of staking in the process. He added that liquid staking is going to become the focal point for DeFi on PoS networks. It is set to play a pivotal role to bring more thrilling use cases to DeFi.
Executive Director at Binance Labs, Ken Li, also commented on the development. He said the company will be working with pSTAKE as it launches BNB liquid staking. This will ensure more DeFi innovation for the BNB Chain ecosystem. We are excited by the quality of the team leading pStake and look forward to partnering closely,” he added.
Binance Labs has extended its investments in several startups and fintech firms all over the world. The company recently invested in a $16 million Series A funding round by Community Gaming.
