Bison Trails, a blockchain staking startup, has secured $5.25 million is a series seed funding round backed by Mike Novogratz’s Galaxy Digital.
In an announcement posted on March 16, Bison Trails stated that the round was led by Initialized Capital and Accomplice, with participation from other investors, including Homebrew, Notation Capital, and Distributed Global and Charge Ventures.
The New York-based company did not disclose details on how it plans to use the funding, other than “to underscore our mission.”
Established last year, Bison Trails intends to offer a future where blockchain adoption is “easy, more transparent, and truly decentralized.”
“The infrastructure that we’re building today will pave the way for an entire generation of new decentralized companies, services, and participants to access blockchain economies and networks,” the company said. Its platform will be unveiled in “coming weeks” to early partners.
Staking—supporting a network by storing its tokens and running a node for rewards—is a use case that has been getting a lot of attention from investors most recently.
For instance, blockchain staking-as-a-service startup Staked secured $4.5 million in January in a seed round led by Pantera Capital, a blockchain investment firm. Staked provides technical infrastructure for non-custodial staking services for institutional investors. Other investors in Staked’s funding round included Coinbase Ventures, Digital Currency Group, Winklevoss Capital, Global Brain, Fabric Ventures, and Blocktree Capital.