Liquid stacking protocol pSTAKE has raised $10 million in inve | DeFI News & Alerts

Liquid stacking protocol pSTAKE has raised $10 million in investment

Twelve venture capital firms and three business angels have joined the pSTAKE DeFi funding.

On Tuesday, pSTAKE, a liquid stacking protocol from the DeFi Persistence platform, announced the closing of a $10 million strategic funding round from venture capital firms. Tendermint, the core developer of the Cosmos network, backs blockchain Persistence (XPRT) with its consensus mechanism.

Tushar Aggarwal, CEO and founder of Persistence, said:

"pSTAKE has demonstrated significant organic growth since its unrestricted launch in September, and we are very excited to continue on this upward trajectory."

Shailesh Lakhani, managing director of Sequoia India, gave the following comment on the development:

"The Sequoia India team is excited to support them in developing a roadmap that will bring new utility and further compatibility to the stacking assets."