Enterprise-grade staking platform Kiln announced the closing of a $17 million funding round to help expand its global footprint.

Per a press release, other entities participating in the funding round included IOSG Ventures, a first-check crypto fund investing firm for web3, Wintermute Ventures, KXVC, and LBank.

Kiln plans to use funds raised in the company’s global expansion, with efforts to grow its Asian–Pacific division through the opening of a headquarters in Singapore in the first quarter of 2024, as well as further product development to include additional reward mechanisms in defi.

This news follows several developments in 2023, including Kiln’s partnership with Ledger Live, Crypto.com, and Coinbase to provide pooled staking services, alongside Coinbase Cloud’s integration with Kiln’s On-Chain platform to support wallet providers by offering users the ability to stake Ethereum natively. As a result, Kiln has expanded its reach as a staking platform, witnessing a 5x increase in stake under management over the past year.

“As we looked to launch our pooled staking feature within our DeFi wallet, Kiln was the ideal partner for us to work with,” Eric Anziani, President and Chief Operating Officer at Crypto.com, said in the release.

Since its launch, Kiln has raised a total of $35 million from investors across various leading crypto investing groups, including Illuminate Financial, Kraken Ventures, Avon Ventures, Consensys, GSR, Leadblock Partners, Sparkle Ventures, XBTO, and continues to position itself for growth with the pursuit of new funding such as in its most recent announcement.

“Our mission is to democratize value creation in the digital assets ecosystem, providing millions of users with easy access to rewards through our platform,” Kiln co-founder and CEO Laszlo Szabo said. “This announcement marks the beginning of a series of exciting developments.”