Persistence, the startup behind the pSTAKE liquid staking solution, has raised an undisclosed amount from Binance’s venture arm in a strategic funding round.

welcome to family @binance 🥂 https://t.co/GAVh6Jf7Is

— Persistence | $XPRT 🦾 (@PersistenceOne) 10 May 2022

Launched in August 2021, pSTAKE allows you to “unlock” the liquidity of staked tokens. The service issues the equivalent of assets with the stk- prefix, which can be used to receive staking rewards in the DeFi ecosystem and for other profitable farming use cases.

pSTAKE initially focused on working on Cosmos and other blockchains based on Tendermint BFT. The team then launched support for ETH 2.0 on the testnet. This list is expected to be expanded to include Avalanche, Solana, and BNB Chain in the coming months. The service is integrated with leading DeFi protocols such as Anchor Protocol and Sushi.

Persistence’s goal is to create an ecosystem of cross-web Web3 products designed to drive global liquidity and enable a seamless exchange of value.

At the time of writing, pSTAKE holds $32.1 million in locked assets, according to DeFi Llama.

Segment leader Lido Finance c TVL The service, worth 12.67 billion, supports Ethereum, Solana, Terra and Kusama.

Learn more about liquid allocation in material. Recall that in November 2021, Persistence raised $10 million from Galaxy Digital and others.