France-based enterprise-grade staking platform Kiln has announced the successful completion of a USD 17 million funding round. The funding round was led by 1kx, with participation from IOSG, Crypto.com, Wintermute Ventures, KXVC, LBank, and additional contributions from existing investors.

The newly acquired funds will be allocated towards Kiln's global expansion initiatives, which include establishing its APAC Headquarters in Singapore in Q1 2024 and advancing product development to incorporate diverse reward mechanisms within DeFi. According to the company press release, Kiln's white-label staking technology platform has experienced consistent growth in the past year, positioning itself as one of the largest staking platforms in the market. Moreover, Kiln has become the largest operator of Ethereum validator nodes according to Rated, significantly increasing its stake under management by over five times within the last year.

The platform has successfully integrated with various operators, custody solutions, wallets, and exchanges, solidifying its presence in the staking market. In 2023, Kiln collaborated with Ledger Live, Crypto.com, and Coinbase to introduce pooled staking services, enabling every ETH holder to participate in staking regardless of the amount of ETH held. This move aligned with Kiln's mission of promoting inclusivity within the digital assets ecosystem.

In the company press release, officials from Kiln expressed excitement about the funding and outlined the platform's commitment to democratising value creation in the digital assets ecosystem. They also highlighted upcoming expansion plans, including the establishment of an office in Singapore, marking the beginning of a series of developments. In turn, officials from 1kx emphasised Kiln's position as an industry leader, providing a comprehensive, secure, and sophisticated staking-as-a-service solution.

They expressed enthusiasm for supporting Kiln's goals of making staking solutions globally accessible. Crypto.com representatives chimed in and emphasised Kiln's suitability as a partner for launching pooled staking features within their DeFi wallet. They commended Kiln's track record and enterprise-grade infrastructure, expressing confidence in a long-term partnership and investment.

Other previous developments from Kiln These recent developments build on Kiln's previous announcement in September 2023, revealing that Coinbase Cloud integrated Kiln's On-Chain platform, enabling Coinbase Cloud to offer on-chain partial ETH staking capabilities to clients with minimal engineering effort. Since its launch, Kiln has raised a total of USD 35 million from investors, including Illuminate Financial, Kraken Ventures, Avon Ventures, Consensys, GSR, Leadblock Partners, Sparkle Ventures, XBTO, and renewed participation from existing investors such as 3KVC, Blue Yard Capital, SV Angel, and Alven. .