Funding Alert

Stader Labs, a cryptocurrency firm, has raised $450 million in funding

• ByStartupStory     |    January 21, 2022

Stader Labs, a cryptocurrency staking management platform, announced today that it has raised $12.5 million in a funding round headed by Three Arrows Capital, bringing its total valuation to $450 million.

When it raised its seed round in October of last year, the company was valued at $50 million. The increase in valuation, according to Amitej Gajjala, cofounder of Stader Labs, is due to the company’s early traction since the product’s launch in November.

Stader Labs, a cryptocurrency staking management platform founded in April 2021 by Gajjala, Dheeraj Borra, and Sidhartha Doddipalli, is developing decentralised financial protocols and applications for efficient stake management on public blockchain networks.

Staking is a method of collecting benefits by locking cryptocurrency over time. Investors that stake their crypto gain synthetic coins as a reward since the underlying blockchain uses it to verify and secure transactions.

The funds will be used to expand the startup’s cross-chain capabilities, hire more employees, and expand its developer ecosystem.Terra’s blockchains are currently using the company’s product. It intends to provide native smart contracts for staking across a variety of blockchains, including Solana, Ethereum, and Polygon. Over the following year, it plans to cover five to six blockchains.

According to the firm, it seeks to create an economic environment to grow and develop solutions like yield redirection with rewards, liquid staking, launchpads, gaming, and more.

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