Crypto platform Stader Labs raises $12.5 mn on $450 mn valuation

Crypto currency staking management platform Stader Labs, has raised $12.5 million in a strategic private sale that values the company up to $450 million.

The sale was led by Three Arrows Capital with additional participation from Blockchain.com, Accomplice, DACM, GoldenTree Asset Management, Accel, Amber, 4RC, Figment and select angels, including Prabhakar Reddy, Cofounder of FalconX and Matt Cantieri, GM at Anchor Protocol.

Stader previously raised $4 million from Pantera, Coinbase Ventures, Jump Capital, True Ventures, Hypersphere, Proof, Ledger Prime, Huobi Ventures, Solidity Ventures and Double Peak.

On the importance of the raise, Stader Labs CEO Amitej Gajjala said:“This capital will be strategically deployed to accelerate our cross-chain expansion, as well as to nurture our growing ecosystem of third-parties developing staking applications with decentralised Stader infrastructure.”

“Since launching in November 2021, there are over 15,000 unique wallets staking over 5.9 million LUNA with a total value locked of around $500 million. These numbers underscore both Stader’s early traction and the broader market opportunity in staking infrastructure,” says Kyle Davies of Three Arrows Capital.

Its two core products are Stake Pools, where users can safely and easily stake in pre-defined baskets of validators grouped by performance, and Liquid Staking, where users receive a liquid token (LunaX) when staking to participate in yield-boosting DeFi strategies.

In addition to Terra, Stader’s native modular smart contracts will soon support multiple chains, including Solana, Ethereum, Fantom, Hedera, and Polygon. The objective is to build an economic ecosystem to grow and develop custom solutions such as yield redirection with rewards, liquid staking, launchpads, gaming, and more.

“These tools will bring Stader closer to its vision to be the most convenient and safe non-custodial staking platform — and a core ally in the future of finance thanks to its embedded decentralization for L1s,” says Do Kwon of Terra. “We’re excited to continually support Stader as a leading Terra ecosystem project and lynchpin of the next evolution of staking infrastructure.”

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor