Northstake, a cryptocurrency staking platform for institutional investors, has successfully completed its funding round. The platform raised 2.8 million euros ($3 million) with contributions from PreSeed Ventures, Morph Capital, The Aventures Fund, Funfair Ventures, and Delta Blockchain Fund.
A Cryptocurrency Staking Platform Northstake Completes $3 Million Funding Round
The company saw over $80 million in crypto assets staked in 2022. In this direction, the Copenhagen-based business handles the legal and technical aspects of staking, which is the process of supporting a public blockchain like Ethereum by posting collateral to the network in exchange for yield in a way that complies with regulations.
Northstake’s New Partnerships
Through collaborations with the custody technology company Fireblocks and the blockchain analytics service provider Chainalysis, the staking platform Northstake streamlines the procedure while keeping compliance in mind. According to CEO Jesper Johansen, the Danish company is courting interest from sovereign wealth funds and similar institutions.
Institutional investors at the asset manager level, at the sovereign fund level are looking at this and trying to figure out what staking is and where the yield comes from. It’s significant that, in this round that we raised, one of our ultimate beneficial owners is ATP, a state-owned pension fund in Denmark and one of the largest asset managers in Europe.
Johansen
About Northstake
Northstake A/S is the Nordic leading staking partner for proof-of-stake blockchains and was founded as an L2 staking solution on the Concordium blockchain. Northstake now has more than 200M CCD pledged under management and has built an industry-leading staking solution to serve Concordium investors.
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