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- A staking infrastructure firm P2P.org raises $23 Million in Series A funding.
- Staking infrastructure providers are garnering interest post-Ethereum Shapella Upgrade.
Ethereum Shapella Upgrade went live on April 12, 2023, facilitating the un-staking of around $33.7 Billion worth of ETH stake since the Merge. Shapella was another hard fork event post their shift from Proof-of-Work (PoS) to Proof-of-Stake (PoS). Moreover, it made staking protocols a good investment opportunity for institutional investors. P2P.org, a staking provider, raised $23 Million in Series A funding after increased interest in staking infrastructures post- Shapella.
Ethereum Shapella Upgrade Reignited Interest in Staking
In a Series A funding round, backed by Jump Crypto, Sygnum, and Bybit, a non-custodial staking provider, P2P.org raised $23 Million. The company was founded by Konstantin Lomashuk in 2018 and provided the staking infrastructure to around 50 blockchains, including Ethereum, Cosmos, and Cardano.
The company provides institutional staking infrastructure; its white label node and slashing insurance are used to staking around $1.3 Billion worth of assets. With these newly raised funds, P2P.org has exciting plans for expanding its horizons.
They plan to expand their portfolio to include more blockchains in the Ethereum ecosystem. The names might include Celesta, Alea, Sui, etc. The company also plans to develop its business model to build a stronger community and improve customer experience by providing better customer support. Also, plans are to take the current infrastructure to the next level.
Konstantin Lomashuk, the founder of P2P.org, says that before the Ethereum Shapella Upgrade, the investments for the staking services were getting low. But this hard fork has reignited the interest in staking ETH, and staking service providers benefit from this.
However, Bitcoin is inviting some serious funding as well, as the network is garnering the interest of some institutional investors. For instance, on April 17, 2023, there were more than $104 million of inflows on the Bitcoin network. BTC recently touched the $30k mark for the first time in months.
At press time, Bitcoin was trading at $28,125.89 with a drop of 2.9%; its value against ETH was also down by 1.29% to 14.60ETH. The market cap fell by 2.95% to $544 Billion, and trading volume stumbled by 21.63% to $20.22 Billion in the last 24 hours.
Lomashuk was pleased to announce the success of the fundraising round with their strategic investors. While sharing views on the upgrade, he said he was optimistic about the after-effect of Shapella on the market and expected an increase in ETH staking.
Head of Investment at Jump Crypto, Saurabh Sharma, was also optimistic about the opportunity “We are excited to participate in this funding round and continue to leverage their cross-chain expertise.”
The Head of Financial Products at Bybit, Bill Xing, said that P2P.org would enhance the mission of Web3 as it is the third generation of the Internet evolving with a promise of decentralization and democratization of finance. “We are proud to associate the Bybit name with P2P.org, the most trusted validator and infrastructure provider in the space.”
At press time, Ethereum was trading at $1,927.55 with a drop of 1.53%; its value against Bitcoin gained 1.33% to 0.685BTC. The market cap was down by 1.53% to $232 Billion, and volume suffered $28.53% to $10.6 Billion.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
