Liquid Restaking Protocol Renzo Raises $17 Million to Expand Services

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Renzo, the Liquid Restaking Protocol, has just secured an impressive $17M in funding. Renzo has already seen an impressive restaking amount of nearly $4B. The funding occurred in two rounds, with Galaxy Ventures leading the first round and the Nova Fund – BH Digital (based in Abu Dhabi) leading the second round. This comes after receiving $3.2 million in funding from Maven11, Figment Capital, and Binance Labs.

Restaking has emerged as a crucial element in enhancing security on Ethereum. Still, it can be quite complex, fraught with risks, and comes with a hefty price tag, which, unfortunately, hampers user expansion. Renzo, developed on EigenLayer, aims to simplify and enhance restaking, with its upcoming funding round set to broaden its range of restaking services.

Renzo provides a secure and user-friendly interface to the EigenLayer ecosystem. It ensures the security of AVS (Actively Validated Services) and allows users to access restaking rewards. Renzo also simplifies the process and enables secure integrations with node operators.

“Restaking will be inclusive of all assets, ETH and ERC-20’s, as dual staking adoption grows Renzo is building the settlement layer for restaking,” said Lucas Kozinski, Founding Contributor.

Users can deposit native ETH, stETH, and wBETH (LSTs) to access EigenLayer on Renzo. Renzo operates a decentralized Ethereum validator infrastructure that utilizes Figment, P2P.org, and Hashkey Cloud to facilitate open participation on Eigenlayer.

It can be easily accessed from various platforms, including Arbitrum, Base, Blast, Linea, Mode, and BNB Chain, and offers a range of DeFi integrations exceeding 100.

“Renzo differentiates itself from other protocols by fundamentally building its system with restaking in mind, in contrast to traditional staking protocols that are merely adapting to restaking,” said Will Nuelle, General Partner of Galaxy Ventures. “What sets Renzo apart is its unique ability to accept both native ETH and Liquid Staking Tokens (LSTs). This capability allows Renzo to foster collaboration with existing market players and ensures a smooth, user-friendly process for participants.”