Quick take:
- Puffer Finance has raised $5.5 million in a funding round co-led by Lemniscap and Lightspeed Faction.
- Brevard Howard’s digital asset investment arm also participated in the seed round.
- Puffer plans to use the funds to speed up the development of its open-source Secure-Signer solution to create a permissionless staking tool.
Blockchain infrastructure startup Puffer has announced a $5.5 million funding round co-led by Lemniscap and Lightspeed Faction. The seed round also attracted participation from Brevard Howard Digital, Bankless Ventures, Animoca Ventures, DACM, LBK, SNZ and Canonical Crypto.
The company plans to use the fresh capital to accelerate the development of the Puffer Secure-Signer Solution to create a permissionless staking tool. The product prevents validators from committing slashable offences by limiting access to validator keys, which reduces the impact of software bugs and user errors.
Puffer is also working on a protocol that will reduce entry barriers for at-home stakers.
The company previously raised $650,000 in a pre-seed round led by Jump Crypto and supported by IoTeX, and Acanam Capital.
Commenting on the latest fundraising, Amir Forouzani, and Jason Vranek, Founders of Puffer Finance, said: “The rapid advancements in infrastructure and user experience have primed Ethereum for mass adoption. As this era ushers in new centralization pressures, preserving Ethereum’s core values becomes increasingly essential. We hope the Puffer Protocol will create a pocket within the validator set where decentralization can thrive.”
On the other hand, Roderik van der Graaf, Founder of Lemniscap commented: “The Puffer team is spearheading the development of sophisticated technological solutions geared towards reducing centralisation pressures on Ethereum. Puffer’s proprietary Secure-Signer solution greatly mitigates operational risks associated with user errors and client bugs, providing best-in-class security for validators.”
According to van der Graaf, Puffer’s requirement of 2 ETH to become a node operator on its protocol is a game changer, as it broadens revenue streams for at-home stakers. It encourages more “to stake their claim in the burgeoning sector,” he said.
“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. We want to express our utmost gratitude to our investors for their trust, support, and partnership,” added Vranek.
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