StakeStone raises $22 million in latest funding round

Key Points:

• StakeStone secures $22 million in funding led by Polychain Capital, with participation from Binance Labs, OKX Ventures, and others.
• The funding will support StakeStone’s growth, product development, and expansion into key markets.

StakeStone’s latest funding round led by Polychain Capital with major investors like Binance Labs backing the project for the second time.

StakeStone Secures $22 Million to Expand its Omnnichain Liquid Staking Protocol

StakeStone, a liquid staking and omnichain liquidity infrastructure protocol for emerging ecosystems, has announced the completion of a $22 million funding round led by Polychain Capital.

This funding round includes strategic investment from Binance Labs and OKX Ventures; a seed round led by SevenX; and participation from investment funds such as Nomad Capital, HashKey Capital, HashKey Cloud, Amber Group, Coinsummer, Bankless Ventures, DAO5, Symbolic Capital, Arcane Group, Quantstamp, and others.

StakeStone to Enhance Product Development and Expand Market Reach with New Funding

StakeStone is an Omnnichain Liquid Staking protocol developed to provide staking and restaking solutions for Layer 2s. The project allows users to stake ETH in return for the liquid staking token STONE issued by this protocol.

STONE is a non-rebase ERC-20 token with a yield-generating mechanism similar to Lido’s wstETH. STONE is also an OFT (Omnichain Fungible Token) developed based on LayerZero technology. This feature allows STONE to be easily and seamlessly moved between different blockchains.

The newly raised $22 million is expected to help StakeStone address future product growth issues, including:

• Accelerating development and strengthening its presence in key markets.
• Expanding the application of assets in the EVM ecosystem, Layer 1 and Layer 2 networks, and DeFi protocols such as Berachain, Movement Labs, Monad, Plume Network, Corn, Pendle, AAVE DAO.
• Launching a new BTC liquidity product including STONEBTC, a yield-bearing liquid BTC.
• Preparing to introduce a payment product with features like flexible savings accounts and a Buy Now – Pay Later option (abbreviated by the project as BNPL) to provide users with greater flexibility in transactions.

Notably, StakeStone’s latest fundraising saw Binance Labs invest in the project for the second time, following the first investment in March 2024.

Currently, EigenLayer can be said to be the pioneering project introducing the restaking model to the cryptocurrency community with funding of up to 100 million USD from the investment fund a16z crypto.