Staking Provider P2P.org Raises $23M From Big-Name Investors to Drive Institutional Offering

Staking service provider P2P.org has raised $23 million in funding from a trio of crypto industry heavyweights: Web3 investor Jump Crypto, crypto exchange Bybit and digital asset bank Sygnum.

P2P is in the process of developing a new infrastructure platform catering to intermediaries, as opposed to its existing service that is focused on direct holders.

The firm is attempting to capitalize on the recent Shanghai upgrade of the Ethereum network, allowing users to withdraw assets they have "staked."

Also referred to as Shapella, the Shanghai upgrade is expected to heighten institutional interest in Ethereum thanks to the increased liquidity it is generating.

P2P says it will use the funding to develop blockchain infrastructure that enhances the user experience in staking as well as researching and developing expansion initiatives.

Read More: Ethereum’s Shanghai Upgrade Will Permanently Alter ETH Economics