MilkyWay, a liquid staking protocol, has raised millions of dollars following the completion of a seed fundraising round that Polychain Capital and Binance Labs jointly managed.
With more than 150,000 users, MilkyWay is the first liquid staking protocol for Celestia's modular ecosystem, having launched in December 2023. More than ten decentralized finance (DeFi) applications are integrated with the protocol's LST and milkTIA.
MilkyWay Secures $5M in Seed Capital
MilkyWay announced on April 30 that it has raised $5 million in the seed investment round to further the development of the modular ecosystem and to further its objectives.
"The additional funding will be essential to our innovation and community value-building endeavors, such as our soon-to-be partnership with Initia to strengthen modular security, in which milkTIA will be utilized to safeguard the L1 and the rollups layered upon it," said MilkyWay.
In addition to using the money to pay for operating costs, MilkyWay is excited to grow its staff and introduce MILK, its utility and governance token, later this year.
Yi He, a co-founder of Binance, verified the company's participation in the fundraising round and stated that it backed Celestia's ecosystem enhancement.
"This Binance Labs investment supports an innovative project that propels use cases within the Celestia ecosystem. We are supportive of Labs' portfolio and the enrichment of the ecosystem." We anticipate MilkyWay's expansion and advancement in the modularity data availability domain," Ye said.
In addition, HackVC, Longhash Ventures, and Crypto.com Capital took part in the investment round. According to the release, George Lambeth, Celestia's first investor, and Mustafa Al-Bassam, the company's co-founder and CEO, also supported the round.
April 2024, Cryptoniteuae