pSTAKE Raises $10M for Bootstrapping Liquid Staking Protocol

pSTAKE, a carefully designed product, helps to overcome the issues of PoS staking while also improving the experience of the consumer to encourage widespread adoption. With pSTAKE’s TVL now over $30 million, our concept has caught the attention of some of the industry’s top names, and pSTAKE announced the completion of the latest $10 million investment round.

pSTAKE has to build essential ties with numerous industry-leading funds, significant PoS validators, and influential DeFi-focused angels while raising cash to kickstart our liquid staking system.

To keep getting success in pSTAKE and its different stakeholders, the caliber and competence of our diverse investor cohort will be vital. pSTAKE investors obtained a direct connection to XPRT – Persistence’s native token – to align incentives that can benefit in the long-term of the larger Persistence ecosystem.

Onward

The team is planning to expand pSTAKE support to additional key PoS chains with the progress taking place, including Ethereum 2.0, Polkadot, Terra, Solana, etc., due to uncapped support for both Cosmos’ $ATOM and Persistence’s $XPRT is online and gaining popularity. Q4 is shaping up to be a watershed moment for pSTAKE, due to further integrations of DeFi for stkTOKENS on the way and the $PSTAKE token TGE fast approaching.

With the stake asset of above $300 billion unlocked, a flexible environment is being created, and new opportunities and utility for PoS assets are being developed thanks to pSTAKE. The world of DeFi will never be the same.

Investors

Some of the investors joining the force are- Three Arrows Capital, Sequoia Capital India, Galaxy Digital, and DeFiance Capital co-led the round with Coinbase Ventures, Kraken Ventures, Alameda Research, and others.

Tushar Aggarwal, Persistence founder, and CEO said that this is pSTAKE’s first financing, completed through a private token sale. Investors bought PSTAKE tokens through sale, receiving Persistence (XPRT) tokens “as an added bonus,” according to Aggarwal.

Kyle Davis, Three Arrows Capital co-founder, said pSTAKE is well-positioned for the expansion of the DeFi ecosystem in the Cosmos environment to the Cosmos ecosystem and other chains secure.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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