Kiln says that it is entering 2024 with confidence, thanks to a $17 million new funding round that was reportedly led by 1kx.
Kiln’s management noted that they’re confirming the close of their latest $17 million funding round, which was led by 1kx, along “with contributions from IOSG, Crypto.com, Wintermute Ventures, KXVC, LBank, and existing investors.”
Alongside last year’s round, Kiln claims that they have now “raised a total of $35 million.”
This round of funding fuels their global expansion and new products.
The team is also announcing the opening of our first office outside Europe, in Singapore. They are now are looking forward “to serving new and existing customers in the region more effectively, with a team of veteran Kilners in addition to new local talent.”
Additionally, the funding will fuel their product expansion into two major areas. They are introducing vNFTs “enabling tokenisation of dedicated Ethereum validators, which has garnered increasing interest with the preparation and launch of ETFs.”
They are also developing a product in the DeFi space “enabling their integrator customers (wallets, exchanges, custodians) to monetise stablecoin rewards opportunities.”
As reported recently, Kiln partnered with Balance, Canada’s digital asset custodian.
Balance claims more than $1 billion worth of digital assets under custody. This partnership expands Ethereum staking opportunities “to digital asset exchanges, private funds, and corporate entities across Canada and certain jurisdictions across the world.”
By combining Balance’s robust custodial services with Kiln’s unique technologies and enterprise-grade staking expertise, they are “set to provide a seamless and secure staking experience from Balance’s custody.”
This collaboration enables Balance’s institutional customers to “stake a range of assets.”
This enables them to be rewarded for participating in the security of these chains.
A notable aspect of this partnership is “the emphasis on Balance integrating Kiln’s Transaction Crafting API (part of Kiln Connect), to enable their clients to stake and unstake seamlessly.”
Kiln’s Transaction Crafting API is “compatible with all major proof-of-stake blockchains, allowing Balance to easily incorporate additional protocols using the same API in the future.”
In addition, Kiln’s Transaction Crafting API “is validator agnostic, meaning it can be used with any node provider and not only Kiln, easing the integration of several infrastructure partners.”