Kelp DAO, a platform specializing in the restaking of liquid assets, has successfully completed a round of private funding, securing an impressive $9 million to fuel its growth in the decentralized finance (defi) industry. The objective of this funding is to enhance the platform's capabilities and expand into new ecosystems, including Solana and Bitcoin.
The funding round was led by SCB Limited, a proprietary trading firm based in the Bahamas, and Laser Digital, the digital asset division of Nomura Global, who together contributed a total of $3.5 million. Several other notable participants, such as Cypher Capital, DACM, Draper Dragon, Hypersphere, and Bankless Ventures, also joined in.
The capital raised will be utilized to further develop Kelp DAO's technological offerings and expand its market reach. This comes after the platform achieved an impressive milestone of over $850 million in total value locked (TVL) in its protocol and attracted a community of more than 40,000 active restakers. The support from these prominent investors serves as a testament to the confidence they have in Kelp DAO's innovative approach to restaking.
Dheeraj Borra, co-founder of Kelp DAO, expressed his excitement about the recent funding, stating, "This fundraise propels our efforts to expand in the market and strengthens our commitment to delivering solutions that prioritize our customers. It's truly exhilarating to see our investors share in this vision." Kelp DAO's private fundraising comes at a time when there is a growing demand for restaking, as evidenced by the success of major platforms like Eigenlayer, Puffer Finance, and Etherfi.
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