[Funding alert] Cayman Islands-based Ether.fi Secures $23Million in Series A Round Funding

The release states that the ether.fi series Bullish Capital and CoinFund spearheaded an investment round in which OKX Ventures, Foresight Ventures, and Consensys were among the principal participants.

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The business announced that it had raised an additional $4 million in a late-year investment round that had concluded without prior notice. Consequently, in the last several months alone, it has raised a total of $27 million from key investors.

It has a respectable business model in restaking thanks to the noteworthy demand for Ethereum (ETH) from institutional investors as well as retail traders because of its reliable staking program. Furthermore, as per this report, the company's Total Value Locked (TVL) increased from approximately $30 million in October of last year to approximately $1.77 billion.

Mike Silagadze, CEO and co-founder of ether.fi said, “Ether.fi has seen remarkable growth, and we are thrilled to welcome the backing of leading crypto investors to support our continued expansion,”

The business will now be able to compete with other Ethereum ecosystem liquid restaking protocols, such as Eigenpie platform, Renzo protocol, Prime Staked ETH, and Puffer Finance.

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About Ether.fi

A decentralized, non-custodial mechanism for ETH staking is called EtherFi. It is the first staking protocol that lets node operators handle validator functions while yet allowing stakers to maintain control over their keys.