Quick take:
- Kelp’s Ethereum liquid restaking protocol has already surpassed $950 million TVL according to DeFiLlama.
- The company will use the capital to enhance the platform’s capabilities, expand to other ecosystems like Solana and Bitcoin and revamp its restaking solutions.
- Bankless Ventures, Draper Dragon, Cypher Capital, GSR, Longhash, Side Door Ventures, HTX Ventures and DWF Ventures were among those who joined the round.
Kelp DAO, an Ethereum-based restaking protocol has completed a $9 million private sale in a round co-led by the Bahamas-based proprietary trading firm SCB Capital and Nomura’s digital asset arm Laser Digital.
The fundraising also attracted participation from Bankless Ventures, Hypersphere, Draper Dragon, DACM, Cypher Capital, ArkStream, Cluster Capital, GSR, Longhash, Side Door Ventures, NOIA Capital, HTX Ventures, Avid3, ViaBTC Capital, DWF Ventures and Coinseeker, among others.
Kelp DAO plans to use the fresh capital to enhance the platform’s capabilities, expand to other ecosystems like Solana and Bitcoin and revamp its restaking solutions.
The protocol has also caught the attention of leading crypto investors with Scott, Cofounder of Gitcoin; Alex, CEO Nansen; Sam K, Cofounder Frax; Marc Zeller, Aave Chan Initiative; Saurabh Sharma, Jump Crypto; Amrit, COO Altlayer; Anthony, Cofounder of Swissborg; Winslow Strong, Mr. Block among the current list of angel investors.
Kelp DAO has experienced a surge in TVL this year, which increased from $216 million in February to the current level of $959 million, DeFiLlama data shows.
“These funds build on more than [$950 million] in Total Value Locked (TVL) and more than 40,000 active restakers on the platform,” Kelp DAO wrote in an announcement shared with NFTgators.
According to Kelp DAO, the funding round showcases confidence from global investors as demonstrated by the participation of several notable angel investors in the crypto community.
Dheeraj Borra, Co-founder of Kelp DAO said in a statement: “This fundraise propels our expansion in the market and sharpens our focus on building customer-centric solutions. It’s truly thrilling to have our investors share that vision.”
Jez Mohideen, CEO of Laser Digital, which co-led the round added: “We are very excited to support Kelp DAO and the passionate team in its journey towards building innovative restaking infrastructure solutions.”
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