Ethereum Staking-as-a-Service Startup Kiln Raises $17.6M

The Paris-based firm is betting on the growth of staking services after Ethereum's Merge.

AccessTimeIconNov 28, 2022 at 11:33 a.m. UTC
Updated May 9, 2023 at 4:03 a.m. UTC

Kiln, a startup that allows customers to receive rewards for helping secure the Ethereum blockchain, raised 17 million euros ($17.6 million) in a Series A funding round from a group of investors that included crypto incubator Consensys, investment firm GSR and crypto exchange Kraken's venture-capital arm.

The Paris-based company plans to use the funds to expand its staking-as-a-service offerings, according to a press release Monday.

Staking involves locking up a cryptocurrency for a period of time on a proof-of-stake blockchain such as Ethereum and receiving a share of the proceeds that come from verifying transactions. The world's second-largest cryptocurrency changed its consensus algorithm to proof-of-stake from proof-of-work in September, and staking services are expected to boom.

"Staking is going to be one of the core fabrics of the entire crypto industry," Ciaran O'Leary, co-founder and general partner of BlueYard Capital, which invested in Kiln for the second time, said in the press release.

Staking-as-a-service products make it easy for custodians, exchanges, wallets and treasury managers to commit their digital assets to the blockchain. Kiln had $500 million of staked assets under management as of Nov. 23.

LeadblockPartners, Sparkle Ventures and XBTO also participated in the round, along with existing investors 3KVC, SV Angel and Alven.

CORRECTION (Nov. 28, 14:14 UTC): Corrects investor name to GSR in first paragraph. An earlier version of this story said the investor was GSR Ventures.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Eliza Gkritsi

Eliza Gkritsi was CoinDesk's AI/crypto reporter.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.