HomeNewsether.fi completes $27 million funding round

ether.fi completes $27 million funding round


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Renowned staking protocol, ether.fi, has raised $27 million in a funding round led by Bullish capital and CoinFund. In its Wednesday Twitter post, the protocol confirmed the completion of the funding round. Other participants in the investment round, according to ether.fi are OKX ventures, Foresight Ventures, Consensys, and Amber, and many more.

Prior to this round, ether.fi had earlier completed a US$5.3 million funding round. The round was led by North Island Ventures, Chapter One and Node Capital. The funding round also saw participation from BitMex founder, Arthur Hayes.

Overall, ether.fi boasts the backing of not less than ninety investors. Recently, its Total Value Locked (TVL) jumped up from $103 million to $1.66 billion, cementing its place as one of the top staking projects around. Being a decentralized restaking protocol, ether.fi enables users to fully maximize their assets without sacrificing the composibility for DeFi apps. According to findings, staking ETH on the platform comes with eETH rewards that can be restaked.

Last week, ether.fi announced the launch of its project on Manta Pacific ecosystem. This development allows Manta users to pledge ETH to ether.fi so as to obtain LSD tokens eETH and other rewards.

ether.fi to revolutionize restaking

According to its CEO and co-founder, Mike Silagadze, the protocol has witnessed remarkable growth since storming the staking space. Siladgadze boasted that EtherFi is the only protocol that allows redemptions and not only one-way deposits among users. He is optimistic that the project is on the right track to revolutionize restaking and transforming non-custodial liquid staking into life-changing opportunities. Likewise, Siladgadze added that ether.fi will work towards fueling the growth of the Eigenlayer ecosystem.

Meanwhile, the Chief Investment Officer at CoinFund, Alex Felix describes ether.fi as the future of crypto asset management. According to Felix, the non-custodial staking protocol thrives by aiding the decentralization purpose of Ethereum and helping ETH holders to fully maximize value.

In the same vein, Bullish Capital’s President, Alasdair Foster remarked that restaking has the capacity to resolve the difficulties faced by new projects. According to the exec, ether.fi provides solution to the problem by building on the existing strength of the Ethereum validator set, hence positioning itself as an integral part of digital asset infrastructure for the long term.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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