June 18, 2024
Renzo, the protocol for Liquid Restaking, has recently secured $17M in funding. As of now, Renzo has already restaked nearly $4B. The funding was conducted in two rounds, with Galaxy Ventures leading the first round and the Nova Fund – BH Digital (based in Abu Dhabi) leading the second. This comes after a previous funding of $3.2m from Maven11, Figment Capital, and Binance Labs.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Renzo | $17M | June 18, 2024 | Seed | $20.2M | Galaxy Ventures | Staking |
Restaking is quickly becoming an essential component for enhancing security on Ethereum. However, its complexity, risk, and cost are barriers to user growth. Renzo, which is built on EigenLayer, aims to simplify and democratize restaking. The recent funding will be used to broaden its restaking services.
About Renzo
Renzo serves as the restaking center of EigenLayer, designed to simplify and broaden access to smart Liquid Restaking strategies. Backed by professional-grade node operators, Renzo simplifies the intricacies of safeguarding Actively Validated Services (AVS), providing a robust interface for managing risk and monitoring rewards on EigenLayer. Through Renzo's ezETH, which is the most comprehensive Liquid Restaking Token (LRT), users can gain extensive exposure to the EigenLayer and Ethereum ecosystems, offering more chances to earn rewards.
Website: https://www.renzoprotocol.com/
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About Investor
Investor: Galaxy Ventures
Galaxy Ventures is a venture capital firm that invests in protocols, solutions, DeFi, and web3 infrastructure1. The firm operates under the principle of capital for a new economic paradigm. Their portfolio of investments is stage-agnostic, spanning various sectors such as protocols, scaling solutions, DeFi, and web3 infrastructure. Galaxy Ventures believes that the next generation of the Internet will incorporate a permissionless financial layer, providing people with autonomous access to economic and communal opportunities. The firm is composed of a multi-disciplinary team of crypto-natives and experienced investors. They offer a full suite of services spanning their global crypto business operations. Galaxy Ventures also provides market intelligence through their deep network of operators with expertise in every pocket of the industry.
Location: Belmont, CA
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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