Pantera and Archetype co-lead $12.5 million Series A funding round for Obol Labs
Quick Take
- Obol Labs aims to make proof-of-stake blockchains more secure.
- The fresh funding brings Obol Labs’ total financing to $19 million.
Obol Labs, a startup aiming to make proof-of-stake blockchains more secure, raised $12.5 million in Series A funding.
Investment firms Pantera Capital and Archetype co-led the round, with additional participation from BlockTower, Nascent, Placeholder, Spartan and IEX, the company said in a statement. Obol's prior investors, Coinbase Ventures and Ethereal Ventures, also joined the round.
Obol Labs intends to make proof-of-stake blockchains more secure with its Distributed Validator Technology, which allows multiple machines to simultaneously run an Ethereum proof-of-stake validator.
"To make networks more secure, staking must be decentralized by design," Obol Labs co-founder and CEO Collin Myers said. "Obol's DVT brings decentralization and resiliency to the ground floor of staking products."
The firm is focusing on Ethereum for its proof-of-stake security scaling, with plans to address Cosmos and Ethereum L2 networks in the future. The latest round brings the company's total financing to $19 million.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.