Liquid staking startup puffer_finance has raised $5.5 million in a seed round co-led by Lemniscap and lightspeedvp FactionVC with participation from BHDigitalAssets. BrandyBetz reports
raised $5.5 million in a seed funding round co-led by Lemniscap and the joint venture of Lightspeed and Faction. Other investors included Brevan Howard Digital, the digital asset arm of the global asset manager with $30 billion in assets under management.
The new capital will help accelerate the development of Puffer’s open-source Secure-Signer product and go toward the creation of a permissionless staking pool.. Secure-Signer is a remote signing tool that limits access to validator keys to mitigate the risks of being penalized, or slashed, as a result of software bugs or user error. The penalty can be a hefty hit for stakers that don’t have a large amount of ether .
The funding round also included Bankless Ventures, Animoca Ventures, DACM, LBK, SNZ and Canonical Crypto. Puffer previously received backing from The Ethereum Foundation through a $120,000 grant, and a $650,000 pre-seed round led by Jump Crypto. “We hope the Puffer Protocol will create a pocket within the validator set where decentralization can thrive,” founders Amir Forouzani and Jason Vranek said in a statement. “By lowering barriers to entry, anyone can run a Puffer Node from their home to operate Web3 infrastructure and play a pivotal role in shaping a Web3 that is resilient and censorship-resistant.”
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