Brevan Howard Backs Crypto Infrastructure Startup Puffer in $5.5M Round

The seed round for the liquid staking startup was co-led by Lemniscap and Lightspeed Faction.

AccessTimeIconAug 8, 2023 at 3:52 p.m. UTC
Updated Aug 10, 2023 at 3:31 p.m. UTC

Blockchain infrastructure company Puffer Finance raised $5.5 million in a seed funding round co-led by Lemniscap and the joint venture of Lightspeed and Faction. Other investors included Brevan Howard Digital, the digital asset arm of the global asset manager with $33 billion in assets under management.

The new capital will help accelerate the development of Puffer’s open-source Secure-Signer product and go toward the creation of a permissionless staking pool.

Puffer aims to address the challenges faced by solo validators in Etehreum’s proof-of-stake network. Secure-Signer is a remote signing tool that limits access to validator keys to mitigate the risks of being penalized, or slashed, as a result of software bugs or user error. The penalty can be a hefty hit for stakers that don’t have a large amount of ether (ETH). Puffer is also working on a protocol to lower the barriers of entry for at-home stakers as a viable alternative to centralized liquid staking providers.

The funding round also included Bankless Ventures, Animoca Ventures, DACM, LBK, SNZ and Canonical Crypto. Puffer previously received backing from The Ethereum Foundation through a $120,000 grant, and a $650,000 pre-seed round led by Jump Crypto.

“We hope the Puffer Protocol will create a pocket within the validator set where decentralization can thrive,” founders Amir Forouzani and Jason Vranek said in a statement. “By lowering barriers to entry, anyone can run a Puffer Node from their home to operate Web3 infrastructure and play a pivotal role in shaping a Web3 that is resilient and censorship-resistant.”

UPDATE (Aug. 8, 16:24 UTC): Removed KuCoin Ventures from the list of investors.

UPDATE (Aug. 10, 15:30 UTC): Updated Brevan Howard's assets under management from $30 billion to $33 billion.


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.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.

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.