Kiln, a startup that rewards customers for assisting in the security of the Ethereum blockchain, has raised 17 million euros ($17.6 million) in a Series A funding round led by Consensys, GSR Ventures, and Kraken’s venture capital arm. According to a press release issued on Monday, the Paris-based company intends to use the funds to expand its staking-as-a-service offerings. Staking entails storing a cryptocurrency on a proof-of-stake blockchain, such as Ethereum, for an extended period of time and receiving a portion of the proceeds from transaction verification. In September, the world’s second-largest cryptocurrency switched from proof-of-work to proof-of-stake, and staking services are expected to boom.
