Institutionally-focused restaking startup Byzantine Finance raises $3 million in pre-seed funding
Quick Take Restaking protocol Byzantine Finance raised $3 million in pre-seed funding to support the development of its aggregation layer.
Byzantine Finance, the startup building a restaking protocol, has raised a $3 million pre-seed round led by Node Capital and Blockwall Ventures.
The financing will go towards the development of Byzantine’s permissionless "aggregation layer," a type of protocol designed to enable multiple blockchains to share liquidity, state and users without sacrificing sovereignty.
More than 30 investors participated in the round, including venture firms Lightshift, Masterkey and Kiln Ventures as well as angel investors from EigenLayer, LayerZero and Ledger, among others.
Restaking is an emerging "primitive" in the crypto economy that enables different proof-of-stake-based protocols and networks to share security assets.
Byzantine’s protocol is specifically geared towards institutions and professional investors looking to earn yield by staking assets to secure multiple protocols simultaneously. The team calls this "an internet bond," in that users commit capital in the form of staked assets to earn interest.
The team notes that the restaking ecosystem is currently fragmented across numerous networks including Ethereum and its Layer 2s as well as other networks including Solana and Bitcoin.
"As we began to research the foundations of Byzantine, we spoke with hundreds of institutional web3 players, and were surprised to hear how many of them were blocked from participating in restaking," co-founder Gaia Ferrero Regis said in a statement. "We allow institutions to build secure, segregated restaking portfolios for their operational and risk needs, helping them maximize returns and turning restaking into an institutional-grade onchain primitive."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Economic Truth: AI Drives Growth Alone, Cryptocurrency Becomes a Political Asset
The article analyzes the current economic situation, pointing out that AI is the main driver of GDP growth, while other sectors such as the labor market and household finances are in decline. Market dynamics have become detached from fundamentals, with AI capital expenditure being key to avoiding a recession. The widening wealth gap and energy supply are becoming bottlenecks for AI development. In the future, AI and cryptocurrencies may become the focus of policy adjustments. Summary generated by Mars AI This summary was generated by the Mars AI model, and its accuracy and completeness are still in the process of iterative improvement.
AI unicorn Anthropic accelerates IPO push, taking on OpenAI head-to-head?
Anthropic is accelerating its expansion into the capital markets, initiating collaboration with top law firms, which is seen as an important signal toward going public. The company's valuation is approaching 300 billions USD, and investors are betting it could go public before OpenAI.
Did top universities also get burned? Harvard invested $500 million heavily in bitcoin right before the major plunge
Harvard University's endowment fund significantly increased its holdings in bitcoin ETFs to nearly 500 million USD in the previous quarter. However, in the current quarter, the price of bitcoin subsequently dropped by more than 20%, exposing the fund to significant timing risk.
The Structural Impact of the Next Federal Reserve Chair on the Cryptocurrency Industry: Policy Shifts and Regulatory Reshaping
The change of the next Federal Reserve Chair is a decisive factor in reshaping the future macro environment of the cryptocurrency industry.
Trending news
MoreCrypto prices
More
