Liquid Staking Protocol ether.fi Raises $5.3M Co-led by North Island Ventures and Others

ether.fi, an Ethereum-based liquid staking protocol, announced it has raised $5.3m in a funding round co-led by North Island Ventures, Chapter One and Node Capital, with participation from BitMEX founder Arthur Hayes, Arrington Capital and others.

ether.fi aims to provide non-custudial liquid staking service, allowing stakers to keep control of their keys while delegating staking to node operators and earning rewards. Mike Silagadze, founder and CEO of the protocol, said, "The ether.fi protocol empowers users to maintain custody over their assets, without sacrificing composability. I strongly believe that stakers retaining control of their keys is a critical aspect of a decentralized protocol, and it helps reduce counterparty risk."

ether.fi plans to launch on March 4th on ETHDenver. Its aim is to have 100,000 $ETH staked by mid-2023.