Staking Company Kiln Raises More Than $17M from Kraken

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Paris-based staking platform Kiln has closed a €17 million Series A funding round with the participation of the venture arm of crypto exchange Kraken and ConsenSys.

The startup has also received funds from Illuminate Financial, GSR Ventures, Leadblock Partners, Sparkle Ventures, XBTO and existing investors including 3KVC, Blue Yard Capital, SV Angel and Alven.

The company expects demand for ETH staking to increase exponentially following the transition of the Ethereum mainnet to the Proof-of-Stake consensus algorithm as part of The Merge update in September.

The startup will use the funds raised to expand its product line. Kiln co-founder and CEO Laszlo Szabo has declined to disclose the platform’s valuation.