coindesk.com
Staking Rewards, a data provider for staking and crypto growth tools, has raised three million Swiss francs (US$3.2 million) in a funding round co-led by Galaxy Digital, Digital Currency Group and CoinShares (Digital Currency Group is the parent company of CoinDesk).
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Staking Rewards will use the money to develop a new suite of products and services, including investible staking index products.
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Founded in 2018, Staking Rewards provides data and investment tools for private and institutional investors interested in staking, a way to earn rewards by contributing cryptocurrency to a blockchain’s validation process. The products include live staking market data, portfolio and calculator tools and research analysis. Staking Rewards says its application programming interface (API) is being used by Coinbase and Bitcoin Suisse.
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“This investment round will mark the next step for us to provide the highest quality data and research around staking, as well as building industry-leading financial products,” said Staking Rewards co-founder and CEO Mirko Schmiedl in a press release.
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Galaxy Digital, Digital Currency Group and CoinShares are working with Staking Rewards to integrate staking into their respective product suites.
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The funding round also included 1kx Capital and Sygnum Bank and several angel investors. Staking Rewards has now raised four million Swiss francs (US$4.3 million) to date.
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“One of crypto’s strongest adoption drivers will be passive income opportunities and Staking Rewards is perfectly positioned to capture a large market of those,” said 1kx Capital Partner Christopher Heyman in the release.
Read More: Liquid Staking Protocol PStake Raises $10M in Strategic Funding