EigenLayer

Galaxy

Renzo

Nova

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Crypto restaking platform Renzo has raised $17 million from several crypto investment firms including Galaxy Ventures and Brevan Howard Digital Nova Fund to expand its services beyond just restaking Ethereum.
Renzo is built on top of the EigenLayer network. It has rapidly grown to become a major player in liquid restaking, which allows users to earn staking rewards while still having access to their tokens.&nbsp;
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 Renzo is excited to announce a $17M fundraise led by Nova Fund – Brevan Howard Digital and <a href="https://twitter.com/galaxyhq?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@galaxyhq</a> Participation includes <a href="https://twitter.com/Maven11Capital?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Maven11Capital</a> <a href="https://twitter.com/FigmentCapital?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@FigmentCapital</a> <a href="https://twitter.com/ProtagonistXYZ?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ProtagonistXYZ</a> <a href="https://twitter.com/SevenXVentures?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@SevenXVentures</a> <a href="https://twitter.com/BanklessVC?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@BanklessVC</a> <a href="https://twitter.com/280Capital?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@280Capital</a> <a href="https://twitter.com/AntalphaGroup?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@AntalphaGroup</a> <a href="https://twitter.com/Consensys?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Consensys</a> <a href="https://twitter.com/l2iterative?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@l2iterative</a> <a href="https://t.co/RMffWat2lb" target="_blank" rel="noopener noreferrer nofollow">https://t.co/RMffWat2lb</a> <a href="https://t.co/X759SHBA38" target="_blank" rel="noopener noreferrer nofollow">https://t.co/X759SHBA38</a> <a href="https://t.co/YT30x9SKsS" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/YT30x9SKsS</a>— Renzo (@RenzoProtocol) <a href="https://twitter.com/RenzoProtocol/status/1803040196415340691?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 18, 2024</a>
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According to the project’s <a href="https://docs.renzoprotocol.com/docs/renzo/how-do-lrts-work" target="_blank" rel="noopener noreferrer nofollow">whitepaper</a>, when users deposit ETH on Renzo, they receive an equal amount of ezETH tokens that can be freely traded. Data from <a href="https://defillama.com/protocols/liquid%20restaking" target="_blank" rel="noopener noreferrer nofollow">DefiLlama</a> shows Renzo currently holds over $3.6 billion worth of staked ETH.
With the $17 million raised, Renzo plans to add support for restaking ERC-20 tokens in addition to ETH. This means users will be able to earn rewards by staking many different cryptocurrencies built on the Ethereum blockchain.&nbsp;
 Moreover, liquid restaking is witnessing explosive growth as crypto staking grows in popularity. Platforms like Renzo enabling liquid exposure to staked assets are positioning to capture market share. New restaking platforms such as <a href="https://x.com/symbioticfi/status/1800530004776022493" target="_blank" rel="noopener noreferrer nofollow">Symbiotic</a> are also raising capital to challenge incumbents like Renzo and Lido.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/06/13/eigen-labs-to-acquire-rio-network-for-restaking-tech/" rel="noopener noreferrer nofollow">Eigen Labs to Acquire Rio Network for Restaking Tech</a>
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Renzo Raises $17M to Expand Crypto Restaking Services

The Crypto Times

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