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Blockchain Startup InfStones Raises $10M in Series A Funding Round
The blockchain infrastructure platform is betting on the "proof-of-stake" model.
Blockchain infrastructure startup InfStones raised $10 million in a Series A funding round that was led by Shanghai-based Qiming Ventures and included investments from DHVC, HashKey Capital, Plug and Play, SNZ Holdings and the family office of entrepreneur Liang Xinjun, a co-founder and former CEO of Chinese conglomerate Fosun International.
STORY CONTINUES BELOW
- The startup's main product is a platform where users can run validator nodes, access on-chain data and build decentralized applications across multiple blockchain networks such as Binance Smart Chain, Cardano, Chainlink, Ethereum, Polkadot, Polygon and Solana.
- Crypto exchange Binance, blockchain infrastructure provider imToken and Dune Analytics use the platform.
- InfStones is betting on proof-of-stake (PoS) networks, such as the one used in the upcoming Ethereum 2.0, as becoming the "go-to" consensus mechanism, the startup's CEO, Zhenwu Shi, said in a statement to CoinDesk.
- PoS is less energy intensive that the proof-of-work (PoW) model used by the Bitcoin blockchain and the current iteration of Ethereum.
- Shanghai-based Qiming Ventures is an established tech venture-capital firm in China, and HashKey Capital is a Hong Kong-based blockchain VC.
Read more: Staking-as-a-Service Startup Raises $2 Million From DHVC, Plug and Play
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
