Singapore-based blockchain infrastructure startup StakeWith.Us today announced a S$825,000 (US$595,000) seed funding round led by SGInnovate and LuneX Ventures, Golden Gate Ventures’ dedicated fund for blockchain investments.
The investment will be a second lead investment that LuneX Ventures has concluded since its appointment to SGInnovate’s panel of co-investors, under the Startup SG Equity to identify and co-invest with SGInnovate in early-stage deep tech startups founded in Singapore.
StakeWith.Us wants to use the funding to scale its team across Asia and expand its offering.
In an email to e27, StakeWith.Us Co-Founder Michael Ng explained further details of this plan.
“We started off as a three-man team and have scaled up to seven people (with five in Singapore and two in Vietnam) to date. The main focus of our new hires is to maintain our core infrastructure … and build institutional facing products,” he wrote.
“As of now, we are providing staking services for three protocols, and with our current pipeline, we aim to provide up to nine protocols by the end of this year. We are also pro-actively approaching potential institutional clients to provide bespoke staking services for them,” he continued.
StakeWith.Us offers digital asset owners a secure, performant and reliable service to secure new decentralised Proof of Stake networks.
“Even though StakeWith.Us is formally incorporated only early this year, we have been hard at work since Q3 last year. Providing staking infrastructure is complex; you are required to have a deep understanding of each protocol and technical know-how to properly configure, secure and maintain your nodes,” Ng explained.
Prior to starting StakeWith.Us, the company’s founders have also worked together to invest in blockchain startups. The team has expertise across financial markets, software development, and cybersecurity.
In a press statement, Kenrick Drijkoningen, Founding Partner of LuneX Ventures, named staking services as the core infrastructure needed for decentralised, permissionless networks and that they are the “asset managers of tomorrow.”
Pang Heng Soon, Head, Venture Building, SGInnovate also predicted Proof-of-Stake protocols to become a “dominant trend” in the blockchain industry.
Image Credit: StakeWith.Us