Investment

InfStones raises $2 million seed round of funding

May 16, 2019, 11:30AM EDT

Staking startup InfStones has received $2 million in funding, CoinDesk writes. Investors like Danhua VC and Plug and Play Ventures participated in the seed round.

“While proof-of-work has become stable and well-established thanks to early participants, we believe PoS will be the driving force to bring exponential growth to the blockchain industry in the future,” said Jonathan Shi, InfStones founder and CEO.

The company offers proof-of-stake; it currently produces blocks for nine PoS blockchains. These include EOS, Tron, Cosmos and Tezos. The participants can collect mining rewards for staked funds. The company has more than $450 million worth of EOS staked on its node.

The funds will be used to expand the team and expand services to additional proof-of-stake chains.