Staking Protocol Raises $3 Million
Tenderize, a stake protocol, announced a $3 Million raise by Eden Block, a blockchain venture capital firm. Tenderize, a protocol for staking derivatives raised $3 million in seed capital in a round led Eden Block, a blockchain venture capital firm.
According to a Thursday statement, other investors included web3 angel collective Daedalus, Figment, and TRGC, a blockchain infrastructure company.
Tenderize allows users to trade tokens and collateralize loans while still holding a stake in their assets. The company believes this flexibility will allow it to unlock the full utility potential for staked assets. It also hopes to enable permissionless liquid staking which is an emerging form that seeks to unlock the value of staked tokens.
Nico Vergauwen, the co-founder of Tenderize, said that the team’s experience with projects such as Yearn, Pocket Network, and Livepeer gave them insight into the need for better staking for web3 protocol protocols. “For a long time, users had to choose between liquidity or staking rewards/securing the network. Tenderize’s liquid stake allows users to have both.
The Tenderize team is currently working to integrate with exchanges, wallets, analytics platforms, and custodial partners. Users can now access liquid staking options to purchase LPT, GRT and AUDIO tokens.
This raise comes after other steps to support liquid-staking protocols. The Block reported in May that Coinbase and Figment would collaborate on an institution liquid staking project.
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