The Good Tech Companies - Renzo Raises $17M To Expand Restaking Services

Episode Date: June 19, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/renzo-raises-$17m-to-expand-restaking-services. follows $3.2m of funding previously via Maven11, Figment Capital and Binance Labs. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #binance-renzo-protocol, #chainwire, #press-release, #crypto-staking, #crypto-funding, #good-company, #renzo-protocol-news, and more. This story was written by: @chainwire. Learn more about this writer by checking @chainwire's about page, and for more stories, please visit hackernoon.com. Renzo, the Liquid Restaking Protocol, today announced $17M in funding. The funding, which took place across two rounds, was first led by Galaxy Ventures and the second round led by the Nova Fund – BH Digital (based in Abu Dhabi). This follows $3.2m of funding previously via Maven11, Figment Capital and Binance Labs.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Renzo raises $17 million to expand restaking services by Chainwire. Denver, United States, June 18, 2024, Chainwire, Renzo, the liquid restaking protocol, announced $17 million in funding today. As of today, nearly $4 billion is already restate with Renzo. The funding, which took place across two rounds, was first led by Galaxy Ventures and the second round led by the Nova Fund, BH Digital, based in Abu Dhabi. This follows $3.2 million of funding previously via Maven 11, Figment Capital, and Binance Labs. Restaking is rapidly becoming a core pillar for scaling security on Ethereum,

but it's complicated, risky and expensive, thus hindering user growth. Renzo, built on EigenLayer, is being built to make restaking accessible and easy, and its new funding round will expand its restaking services. Renzo acts as a secure user-friendly interface to the EigenLayer ecosystem, securing AVS, actively validated services, and accessing restaking rewards while simplifying the process and allowing for secure integrations with node operators. Greater than, restaking will be inclusive of all assets, ETH and ERC-20s, as dual staking greater than adoption grows Renzo is

building the settlement layer for restaking, said greater than Lucas Kaczynski, founding contributor. Renzo allows users to deposit native ETH, Steth and WBETH, LSTs, and get access to Eigenlayer. Renzo runs a distributed Ethereum validator infrastructure powered by Figment, P2P.org and Hashkey Cloud to enable unrestricted participation on Eigenlayer. It is accessible from Arbitrum, Base, Blast, Linea, Mode and BNB chain with over 100 DeFi integrations. Greater than, Renzo differentiates itself from other protocols by fundamentally building greater than its system with restaking in mind, in contrast to traditional staking greater than protocols that are merely adapting to restaking, said Will Newell, General Partner of Galaxy Ventures. Greater-than. What sets Renzo apart is its unique ability to accept both native ETH and greater-than liquid staking tokens, LSTs. This capability allows Renzo to foster greater-than

collaboration with existing market players and ensures a smooth, user-friendly greater-than process for participants. Greater-than greater-than process for participants. Greater than greater than, about Renzo. Renzo is the restaking hub of EigenLayer built to streamline and expand access to the most intelligent liquid restaking strategies. Powered by institutional-grade node operators, Renzo abstracts away the complexities of securing actively validated services, AVS, while delivering a powerful interface for risk management and rewards tracking on EigenLayer. With Renzo's AZETH, the most integrated liquid restaking token, LRT, users can access broad exposure to the EigenLayer and Ethereum ecosystems with more opportunities to generate rewards. Users can earn more by visiting. http://www.renzaprotocol.com

Contact Contributor Lukasz Kaczynski Renzo Labs Lukasz at renzaprotocol.com Tip This story was distributed as a release by Chainwire under HackerNoon's business blogging program. Learn more about the program here. Thank you for listening to this Hackernoon story, read by Artificial Intelligence. Visit hackernoon.com to read, write, learn and publish.