George Town, Cayman Islands-based blockchain infrastructure company Puffer Finance closed its seed round at USD 5.5 million. The company announced the closure on August 8, 2023. Lemniscap and Lightspeed Faction led the financing for the firm. Meanwhile, Brevan Howard Digital, Bankless Ventures, Animoca Ventures, DACM, LBK, SNZ and Canonical Crypto joined in the funding. Community funds such as 33DAO, WAGMI33, and Concave participated in the seed round. In addition, angel investors such as DiscusFish, Co-founder of F2Pool & Cobo; Sreeram Kannan, Founder of Eigen layer; Frederick Allen, Staking Sales Lead at Coinbase Institutional; Calvin Liu, Head of Strategy at Eigen Layer; Ramble, Founder of the North American Blockchain Association; Mr Block: Core Contributor at Curve; Ladislaus von Daniels, Staking Educator, Richard Malone, Head of Business at Obol Labs provided the investment to the firm.
Purpose of financing for Puffer Finance
With the latest financing, Puffer Finance seeks to fuel the development of Puffer’s open-source Secure-Signer solution for the public good.
In addition, it also has plans to create a capital-efficient permissionless staking pool. Earlier, the company raised USD 650K in a pre-seed round. Jump Crypto led the financing back then. IoTeX and Acanam Capital also supported the investment.
What the company’s official has to add
Amir Forouzani, as well as Jason Vranek, Founders of Puffer Finance, said, “The rapid advancements in infrastructure and user experience have primed Ethereum for mass adoption. As this era ushers in new centralization pressures, preserving Ethereum’s core values becomes increasingly essential. We hope the Puffer Protocol will create a pocket within the validator set where decentralization can thrive. By lowering barriers to entry, anyone can run a Puffer Node from their home to operate Web3 infrastructure and play a pivotal role in shaping a Web3 that is resilient and censorship-resistant. We want to express our utmost gratitude to our investors for their trust, support, and partnership. Together and with our community, we will build a flourishing ecosystem true to the values that made Ethereum so special.”
What the investors have to comment
In addition, Justin Drake, Researcher at the Ethereum Foundation, said, “Validator operators should consider Puffer’s SGX-based secure signer – at least until we get one-shot signatures. Zooming out, enclaves are a great way to incrementally improve security whenever pure crypto-economic defences fall short.”
Roderik van der Graaf, Founder of Lemniscap, further said, “The Puffer team is spearheading the development of sophisticated technological solutions geared towards reducing centralization pressures on Ethereum. Puffer’s proprietary Secure-Signer solution greatly mitigates operational risks associated with user errors and client bugs, providing best-in-class security for validators. The solution’s low capital requirement of 2 ETH is a game changer in terms of broadening the accessibility of revenue streams for at-home stakes, encouraging new swathes of ecosystem participants to stake their claim in the burgeoning sector.”
Besides, Samuel Harrison, Managing Partner of Faction, said, “Through software-defined security, Puffer enables lower fees for users and higher ROI for node operators whilst enabling a more decentralized and fragmented validator ecosystem. This advancement is beneficial for the entire space.”
About the company
Amir Forouzani and Jason Vranek are the co-founders of the company. Puffer is redefining a new industry standard for secure validator operations. The company’s primary objective is to preserve decentralization with Anti-Slashing technologies designed to minimize the chance of slashing events.
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