Former Swiggy exec’s crypto startup bags $4m seed funding

Stader Labs, an India-based cryptocurrency startup, raised US$4 million in a seed funding round led by a blockchain-focused venture capital firm Pantera Capital.

Coinbase Ventures, the investment arm of Coinbase, and its head of crypto, Nemil Dalal, also participated in the round. True Ventures, Jump Capital, Proof Group, Hypersphere, Huobi Ventures, Solidity Ventures, Ledgerprime, and Double Peak Group also took part in the fundraising.

Image credit: QuoteInspector

Founded by former Swiggy executive Amitej Gajjala in April, Stader Labs allow users to manage their staking activity, which involves pledging crypto assets to help verify new transactions on a blockchain. The platform can be used for all types of staking, including conventional, liquid, derivative, gaming, and high-yield strategies staking.

Stader can currently be used for staking on the blockchain payment network Terra and is also building a solution for the Solana network. Stader also aims to cover the Near, Polkadot, Ethereum, and Matic networks next year. Today, the Indian firm already has more than 5,000 active members.

Stader aims to use the freshly raised funds for marketing and accelerate the development of its solution across multiple blockchain networks. It also plans to build an application programming interface that can be used by other cryptocurrency exchanges and fintech apps to integrate the company’s solution into their offerings.