MilkyWay secures $5M in seed funding led by Binance Lab

2024-5-1 19:11

MilkyWay secures $5M funding led by Binance Labs and Polychain Capital. MilkyWay boasts 156,000+ milkTIA holders and integrates with 10+ DeFi protocols. Binance co-founder emphasizes support for MilkyWay’s growth in the Celestia ecosystem.

MilkyWay, a liquid staking protocol operating within Celestia’s ecosystem, has achieved a significant milestone after successfully raising $5 million in its just concluded seed funding round.

The seed funding round was backed by notable investors like Binance Labs and Polychain Capital marking a pivotal moment in MilkyWay’s journey towards enhancing liquidity and utility for Celestia (TIA) token holders.

MilkyWay’s rise to prominence

MilkyWay, spearheaded by a team of seasoned engineers from various renowned projects, has swiftly emerged as a frontrunner in the liquid staking arena.

MilkyWay’s primary objective is to augment liquidity, composability, and utility for TIA token holders, ultimately driving capital efficiency. Through seamless integration with over ten DeFi protocols, the platform offers users a comprehensive suite of financial services, including trading, leveraging, lending, and borrowing.

Boasting over 156,000 milkTIA holders and facilitating the staking of over 2.6 million TIA tokens, the platform has garnered trust and recognition within the blockchain community.

Investor confidence and strategic backing

The $5 million seed round, led by Polychain Capital and with participation from Binance Labs and other prominent investors, underscores the robust confidence in MilkyWay’s vision.

Yi He, the Co-Founder of Binance and Head of Binance Labs, expressed strong support for MilkyWay’s growth trajectory, emphasizing the importance of fostering innovation within the Celestia ecosystem.

With its innovative approach and the strategic partnerships, MilkyWay is poised to lead the liquid staking revolution within the modular blockchain ecosystem. The platform’s commitment to enhancing liquidity and utility for TIA token holders reflects a broader trend towards unlocking the full potential of staked assets in decentralized finance.

The post MilkyWay secures $5M in seed funding led by Binance Lab appeared first on CoinJournal.

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