Staking data provider Staking Rewards has raised $3.2 million from Galaxy Digital, CoinShares, and Digital Currency Group. According to an announcement, the service plans to use the proceeds to expand its growth and positioning as the data hub for the $40 billion staking industry. Other investors such as 1kx Capital, Sygnal Ventures, CoinMarketCap team members, and NxGen also participated in the funding.
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"The capital will allow us to develop a new suite of products and services catering to the staking space, including the development of investable staking index products," Staking Rewards said in the statement.
The startup says the fundraising round was "oversubscribed by 6x," which is why Staking Rewards decided to "carefully" choose the right partners to support it on its mission. Earlier in October, Dmitri Tsumak, Co-Founder of Ethereum 2.0 Stake Wise, discovered a vulnerability in the Rocket Pool and Lido protocols that could lead to the theft of user funds.
Both projects previously allocated the maximum allowable reward for detecting a bug ($100,000) in the Immunefi service, which shows the severity of the bug.
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