Kelp DAO Completes $9 Million Private Fundraising for Innovative Re-staking

Source: Kelp DAO

On May 22, 2024, the liquidity re-pledge platform Kelp DAO announced the completion of a $9 million private placement, a major milestone in its advancement of decentralized finance (DeFi) and re-pledge.

The financing was led by Bahamas-based proprietary trading firm SCB Limited and Nomura Group's digital asset subsidiary Laser Digital, with a total investment of $3.5 million. Other investors include Bankless Ventures, Hypersphere, Draper Dragon, DACM, Cypher Capital, ArkStream, Cluster Capital, GSR, Longhash, Side Door Ventures, NOIA Capital, HTX Ventures, Avid3, ViaBTC Capital, DWF Ventures, Coinseeker, etc.

The funds will be based on over $850 million in total value locked (TVL) and over 40,000 active re-stakers on the platform. The funds will be used to enhance platform functionality, expand into other ecosystems such as Solana and Bitcoin, and further innovate re-staking solutions.

The financing demonstrates the confidence of global investors and is supported by several well-known angel investors in the crypto community, including Gitcoin co-founder Scott; Nansen CEO Alex; Frax co-founder Sam K; Aave Chan Initiative’s Marc Zeller; Jump Crypto’s Saurabh Sharma; Altlayer COO Amrit; Swissborg co-founder Anthony; Mr. Block’s Winslow Strong.

Dheeraj Borra, co-founder of Kelp DAO, said: "This financing has driven our expansion in the market and enabled us to focus more on building customer-centric solutions. It is exciting to have our investors share this vision." Amitej Gajjala and Dheeraj Borra, the two founders of Kelp DAO, thanked investors for their support and pushed Kelp DAO to reach new heights in re-staking solutions.

Laser Digital CEO Jez Mohideen expressed his support for the project, stating “We are very pleased to support Kelp DAO and its passionate team in building innovative re-staking infrastructure solutions.”

This enthusiasm was reiterated by Hypersphere Ventures Co-founder Jack Platts, who said, “We are excited about the prospect of re-staking facilitating more developer experimentation and adoption. The strength of the Kelp team and focus on user experience have played a key role in re-staking’s early success. We look forward to the team realizing their vision of increasing ETH staking returns and options.”

About Kelp DAO:

Kelp DAO is one of the leading liquidity re-staking protocols with over $850 million in assets under management and over 45,000 re-stakers. Their Liquidity Re-staking Token (LRT) was the first token to be launched on the Ethereum mainnet, pioneering both liquidity re-staking and liquidity staking tokens. Currently, Kelp DAO facilitates liquidity re-staking of ETH and LST on Ethereum Mainnet and 8 Layer 2 networks.

About Laser Digital:

Backed by Nomura Group, Laser Digital provides scalable and robust opportunities in trading, asset management and venture capital. The team is committed to more responsible crypto innovation, grounded in higher standards of risk management, compliance and commercial viability.

For more information, please visit: https://www.laserdigital.com/

About SCB Limited:

SCB Limited is a proprietary trading firm based in the Bahamas and an active participant in the digital asset ecosystem. We expect SCB’s support to be key in driving the growth and success of the protocol.

Media Contact

Head of Communications Archana B: archana@kelpdao.xyz