- In a Series A funding round headed by Brevan Howard Digital and Electric Capital, Puffer Finance has raised $18 million.
- According to co-founder Amir Forouzani, this was a SAFT round that increased Puffer’s token worth to $200 million.
Co-led by Brevan Howard Digital and Electric Capital, Puffer Finance is an Ethereum ETH +2.01% liquid restaking protocol that has raised $18 million in a Series A fundraising round.
Coinbase Ventures, Kraken Ventures, Franklin Templeton, Avon Ventures (a venture fund associated with FMR LLC, the parent company of Fidelity Investments), Mechanism Capital, Lightspeed Faction, Consensys, Animoca, GSR, and Lemniscap were among the other investors in the round, according to a statement released by Puffer Finance on Monday.
Additional angel investors in the round included Yaoqi Jia, Anton Buenavista, co-founder of Pendle Finance, co-founders of Wormhole and Polygon, and Sandeep Nailwal.
According to a representative for Puffer co-founder Amir Forouzani, the round was set up as a simple agreement for future tokens (SAFT). According to Forouzani, the financing increased Puffer’s fully diluted token valuation to $200 million.
Puffer raised money from Binance Labs earlier this year, and it was just before its Series A round. The project also raised a $650,000 pre-seed round and a $5.5 million seed fundraising round last year.
Ethereum is once again gaining speed.
Now that it has secured Series A funding, Puffer Finance plans to go live with its mainnet, which it claims would increase the number of validators in Ethereum’s ecosystem and improve its decentralization.
“By reducing the entry requirement to just 1 ETH for validators and enhancing their earnings through the integration of Ethereum’s proof of staking with Actively Validated Services’ (AVS’) restaking yields, Puffer’s mainnet sets a new standard for innovation in the liquid restaking landscape,” according to the project.
Puffer previously won a $120,000 grant for Secure-Signer, an open-source tool, from the Ethereum Foundation. Ethereum validators can lower their risk of penalties or slashing by using this tool.
In a statement, co-founder and general partner of Electric Capital Avichal Garg said, “Puffer’s technology ensures broader participation and strengthens the integrity of the network by lowering the barriers to entry and enhancing security measures.”
According to a statement from Peter Johnson, co-head of venture at Brevan Howard Digital, Puffer Finance is developing vital infrastructure that strengthens Ethereum’s security and decentralization, and BHD is still dedicated to supporting initiatives that are essential to the expansion and robustness of the blockchain ecosystem.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
