InfStones, a Silicon Valley staking startup, has raised a $2 million seed round to expand its block-producing capacity in proof-of-stake networks.
The company said in an announcement on Wednesday that leading investors in the round include venture capital firms such as Danhua VC and Plug and Play Ventures, which is known for investing in the early stages of PayPal and Dropbox.
InfStones, which was founded in 2018 and operates as a full node and block producer for PoS blockchains, said it will use the new equity financing to expand its existing five-person team and bring its service to additional PoS chains.
"While proof-of-work has become stable and well-established thanks to early participants, we believe PoS will be the driving force to bring exponential growth to the blockchain industry in the future," said InfStones founder and CEO Jonathan Shi, a former engineer at Oracle.
Currently, the firm is a block producer for nine PoS blockchains including EOS, Tron, Cosmos and Tezos.
The company aggregates PoS token holders' votes to participate in the block producing process of PoS chains in order to receive mining rewards.
InfStones then distributes these rewards to holders who cast votes but takes a 10-30 percent commission, depending on the design of the different chains.
Ranking data for the EOS blockchain shows.
InfStones' full node has over 90 million votes, staking over $450 million worth of EOS on its node, based on the current price of EOS. In addition to its investment, Shi said DHVC helped InfStones get large EOS holders to use the service for staking EOS. Staking image via Shutterstock.
Staking-as-a-Service Startup Raises $2 Million From DHVC, Plug and Play
Published on May 15, 2019
by Coindesk | Published on Coinage
Mentioned in this article
This ICO Startup Didn't Die During Crypto Winter. It Has DAI to Thank
Monolith turned a $16.9 million ICO into $25 million-worth of assets by riding the bull market of 2017 then taking out DAI loans.
Price Analysis 17/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM
XRP/USD. XRP plummeted below the critical support of $0.27795 on Aug. 14 and fell to a new yearly low of $0.225 on Aug. 15, which is a bearish sign.
QuadrigaCX Users Request Details on How EY Lost 103 Bitcoins
Users of now-defunct Canadian cryptocurrency exchange QuadrigaCX are requesting further information concerning the recent loss of 103 Bitcoins during the funds' recovery.
Court Allows Blockchain.com's Trademark Lawsuit Against Paymium to Proceed
The New York Federal Court denied the motion to dismiss the ruling in the trademark infringement action by cryptocurrency wallet and exchange operator Blockchain.com against fintech startup Paymium and its CEO Pierre Noizat over the use of domain "Blockchain.io".