Ethereum Startup Obol Labs Raises $12.5M to Decentralize Staking Infrastructure
Obol Labs, a New York-based developer of infrastructure technology for Ethereum and other Proof-of-Stake blockchains, raised $12.5 million in Series A funding, which comes after the Ethereum network recently moved from Proof-of-Work to Proof-of-Stake.
The round was co-led by Pantera Capital and Archetype with participation from Coinbase Ventures, Nascent, BlockTower, Placeholder, Ethereal Ventures, Spartan, and IEX.
A majority of Obol’s earliest seed supporters are Coinbase Ventures, Figment, Blockdaemon, Chorus One and a collection of other validators that are actively testing, adopting and helping build Obol’s decentralized validator technology (DVT).
Led by CEO Collin Myers, Obol’s DVT allows an Ethereum Proof-of-Stake validator to be run simultaneously on more than one node or machine. Obol said it is already working with liquid staking protocols like Lido and Stakewise to use DVT to more securely and efficiently distribute user funds across operators.
Most validators on the Ethereum network are currently dominated by big, centralized entities and financial firms. This concentrated authority has posed a problem for the space, making the network more prone to attacks and hacks.
This development will make the network safer and more protected against cyber-attacks. The funding will be used to develop the technology and the team.
