Goldman Sachs joins $28 million Series A for blockchain infrastructure firm Blockdaemon


Blockdaemon, a blockchain firm that provides crypto staking and node management infrastructure, has raised $28 million in a Series A funding round.

The round was led by Greenspring Associates, with participation from Goldman Sachs, BlockFi, Voyager Digital, Uphold, and others. Goldman Sachs, in particular, invested $5 million, Blockdaemon founder and CEO Konstantin Richter told The Block. The bank will also join Blockdaemon as "board observers," said Richter.

Blockdaemon's existing investors, including CoinShares, Borderless Capital, and Ventures, also participated in the Series A.

With fresh capital at hand, Blockdaemon plans to double its headcount to 100 by the end of this year by hiring mostly engineers, Richter told The Block.

Founded in 2017, the New York-based firm says it has seen its business grow in recent months. Richter said Blockdaemon now has over 100 institutional clients, including crypto natives and traditional financial services firms.

These clients rely on Blockdaemon's staking infrastructure to let their end users earn yields on their coin holdings. Blockdaemon says it has deployed over 10,000 nodes across 40 blockchain networks and global regions.

The Series A brings Blockdaemon's total funding to date to around $40 million, Richter told The Block. He declined to comment on the firm's valuation.

As for Goldman Sachs, the megabank also invested in crypto data firm Coin Metrics last month. It led the firm's $15 million Series B funding round at the time.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC