Staking-as-a-Service Startup Raises $2 Million, Set to Expand Its Team and Services

InfStones, a proof-of-stake (PoS) cloud solutions provider that claims to handle the world’s largest PoS stake, has recently announced it raised $2 million in seed funding, and the launch of its blockchain cloud service platform “Infinity Stones.”

According to a press release shared with CryptoGlobe, the firm’s goal is to bridge financial institutions and institutional investors with PoS chains, by “offering customers a simpler and safer service for the hosting of their mainnet projects and nodes.”

The funds raised from venture capital firms like DHVC and Plug & Play Ventures, known for investing in the early stages of PayPal and Dropbox, will help it achieve its goal. They’ll reportedly be used to expand InfStones’ team and services to additional proof-of-stake chains, beyond the 50 it already supports.

Jonathan Shi, a co-founder of InfStones, stated:

We’re witnessing an increase in interest in PoS coins, and InfStones has been at the forefront by being the first to provide reliable support on our cloud infrastructure, called Infinity Stones, designed for the blockchain to support the latest mainnet launches.

Currently, the staking-as-a-service startup supports some of the top PoS networks in the cryptocurrency space, including EOS, TRON, and Ontology. Shi noted that its clients see staking as a viable way to generate passive income, and as such have staked over $500 million worth of cryptocurrencies with the firm.

InfStone’s new Infinity Stones platform is reportedly being opened to institutional clients who are looking to launch a mainnet or node on a “secure and easy-to-use cloud storage platform.” The firm, launched in 2018, is also set to introduce a “one-click” solution to launch a PoS node on Infinity Stones, which is set to make deploying a node “as easy as launching a WordPress blog.”

Currently, the startup is a block producer in nine PoS blockchains. It aggregates token holders’ votes to participate in the production of blocks to receive mining rewards, and distributes these to holders after taking a commission.