ClayStack, a NYC-based staking platform for digital assets, raised $5.2m in seed funding.
The round was co-led by CoinFund, and ParaFi Capital with participation from Coinbase Ventures, Spartan Group, HyperSphere, Defiance Capital, Hashed, Solana Foundation, The LAO, Genblock Capital, Ledger Prime, Animoca Brands, Republic Labs, Meltem Demirors (Coinshares), Larry Cermak (The Block), Robert Leshner (Founder, Compound), Stani Kulechov (Founder, Aave), Kain Warwick (Founder, Synthetix), Sandeep Naiwal (Co-founder, Polygon), Stefan George (Co-founder, Gnosis), Illia Polosukhin (Founder, Near Protocol), Tegan Kline (The Graph), Tarun Chitra (Founder, Gauntlet Network), Raj Gokal (Co-founder, Solana), and Partners of True Ventures.
The company intends to use the funds to continue to expand its development efforts with DeFi participants who can expect ClayStack’s alpha release in Q3 of 2021.
Led by Founder and CEO Mohak Agarwal, ClayStack enables users to stake their digital assets while avoiding lockup periods. Users can deposit digital assets in its smart contracts in exchange for an equivalent liquid derivative token minted on any of the supported blockchains. The assets are then delegated to professional proof-of-stake blockchain validators, and rewards are sent daily to derivative token holders. Liquid derivatives can be further utilized to earn additional yields by building composable money legos within the DeFi ecosystem.