Coinbase Ventures, True Ventures, Jump Capital, and Ledgerprime also participated in the round.
Prominent angel investors including Jaynti Kanani (CEO, Polygon), Sandeep Nailwal (COO, Polygon), Nemil Dalal (Head of Crypto, Coinbase), Sumit Gupta (CEO, CoinDCX), Ahmed Al Balaghi (CEO, Biconomy), Aniket Jindal (COO, Biconomy), and Harsh Rajat (CEO, EPNS) also participated in the round.
Founded in April, Stader Labs is a cryptocurrency staking management platform that is building decentralized financial protocols and applications for efficient stake management on public blockchain networks.
Staking is a way of earning rewards over time by locking cryptocurrency. Investors who decide to stake their crypto earn rewards because the underlying blockchain puts it to work to verify and secure transactions.
Stader Labs plans to accelerate product development across multiple blockchains and marketing efforts geared toward a global crypto audience.
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In future, it plans to launch products and features to assist users in maximizing their staking returns with greater ease.
The startup, cofounded by Sidhartha Doddipalli (CTO) and Amitej Gajjala (CEO), has a team of 12 across four continents. It plans to double the team size next year.
“Through Stader, we hope to empower crypto-asset staking throughout the financial sector, making it easy and intuitive for investors to stake assets and generate returns,” Gajjala said.
The company’s product is currently in use on Terra’s blockchains and it is building an MVP on Solana.
It plans to build native smart contracts for staking on multiple blockchains including Near, Polkadot, Ethereum, and Matic. It is aiming to cover five to six PoS blockchains over the next year.
“…we believe that staking is critical infrastructure for the cryptocurrency ecosystem,” said Paul Veradittakit, partner at Pantera Capital. “The company will provide aggregation and decentralization to staking assets and derivatives across both protocols and validators.”
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