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HomeEthereumCrypto Firm Puffer Finance Garners More Than $5 Million

Crypto Firm Puffer Finance Garners More Than $5 Million

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Blockchain infrastructure company Puffer Finance has recently garnered more than $5.5 million through a seed round that was co-led by Lightspeed Faction and Lemniscap. Other participants included DACM, LBK, SNZ, and Canonical Crypto.

Puffer Finance Brings in a Lot of Money

The funding is set to boost the company’s development of its new open-source Secure-Signer solution and to establish a permission-less staking pool. Jason Vranek and Amir Forouzani – the founders of Puffer Finance – commented in an interview:

The rapid advancements in infrastructure and user experience have primed Ethereum for mass adoption. As this era ushers in new centralization pressures, preserving Ethereum’s core values becomes increasingly essential. We hope the Puffer Protocol will create a pocket within the validator set where decentralization can thrive. By lowering barriers to entry, anyone can run a Puffer Node from their home to operate web3 infrastructure and play a pivotal role in shaping a web3 that is resilient and censorship resistant. We want to express our utmost gratitude to our investors for their trust, support, and partnership. Together and with our community, we will build a flourishing ecosystem true to the values that made Ethereum so special.

Justin Drake – a researcher at the Ethereum Foundation – also threw his two cents in, commenting:

Validator operators should consider Puffer’s SGX-based secure signer, at least until we get one-shot signatures. Zooming out, enclaves are a great way to incrementally improve security whenever pure crypto economic defenses fall short.

Roderik van der Graaf – founder of Lemniscap – mentioned:

The Puffer team is spearheading the development of sophisticated technological solutions geared towards reducing centralization pressures on Ethereum. Puffer’s proprietary Secure-Signer solution greatly mitigates operational risks associated with user errors and client bugs, providing best-in-class security for validators. The solution’s low capital requirement of two ETH is a game changer in terms of broadening the accessibility of revenue streams for at-home stakers, encouraging new swathes of ecosystem participants to stake their claim in the burgeoning sector.

Lastly, Samuel Harrison – manager partner at Faction – stated:

Through software defined security, Puffer enables lower fees for users and higher ROI for node operators whilst enabling a more decentralized and fragmented validator ecosystem. This advancement is beneficial for the entire space.

Helping Validators Garner All They’re Worth

Puffer believes there are certain issues being faced by validators who must now adhere to Ethereum’s new proof of stake module, which came about roughly one year ago through an update known as the Merge.

The company’s new Secure-Signer technology is a signing tool that prevents validators from committing slashable offenses, thus preventing them from losing all the crypto they’ve staked or the rewards they’re privy to. Previously, the product garnered support from the Ethereum Foundation in the form of a $120K grant. Puffer is also looking to make the industry easier for at-home stakers to enter.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

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