ClayStack, a liquid staking protocol for cryptocurrencies, has raised $5.2 million in a seed funding round.
The round was secured via a simple agreement for future tokens (SAFT) sale, ClayStack founder and CEO Mohak Agarwal told The Block. It was led by CoinFund and ParaFi Capital, with participation from Coinbase Ventures, the Solana Foundation, Animoca Brands, and others.
Angel investors including Meltem Demirors of CoinShares, Larry Cermak of The Block, Robert Leshner of Compound, and Stani Kulechov of Aave, also backed the round, among several others.
With fresh capital at hand, ClayStack wants to expand its team and launch the protocol by September, Agarwal told The Block. ClayStack’s current headcount is 12, and it plans to increase it to 25 by hiring designers, developers, researchers, and technical writers, said Agarwal.
Liquid staking
As for the protocol, once launched, it will allow users to stake their crypto holdings without lockup periods or losing liquidity. ClaySt
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