Crypto funding: A $60M week for liquid stakers and Web3 security providers
This week has seen several crypto startups securing significant funding, with a focus on liquid staking and smart contract security.
One notable startup, Helio Protocol, raised $10 million from Binance Labs. The protocol has a substantial amount locked in total value, primarily utilizing over-collateralized lending of its decentralized stablecoin HAY. Helio also provides staking-as-a-service and liquid staking derivatives services through Synclub, a BNB validator with plans to incorporate more liquid staking tokens.
Puffer Finance, another player in the liquid staking sector, raised $5.5 million in a seed round, addressing concerns about centralized liquid staking providers surpassing decentralized ones. Puffer's Secure-Signer tool aims to protect home stakers from slashable offenses, and their pool allows participation with as little as 2 ether, compared to the standard 32 ETH.
Smart contract security also gained significant attention this week. Cube3.ai secured $8.2 million in seed funding for its security products Detect, Protect, and Manage, which work together to monitor and block malicious transactions on the blockchain. Spearbit raised $7 million for Cantina, an open marketplace for Web3 security auditors. SphereX, which raised $8.2 million at a $24 million valuation, focuses on preventing hackers from exploiting vulnerabilities in smart contract code with its flagship product, SphereX Protect.
This round of funding indicates a growing interest in both liquid staking and smart contract security within the crypto industry.
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