The software company Alluvial announced on Tuesday that it's closed a Series A round, raising $12 million co-led by Ethereal Ventures and Variant, with other backers including Brevan Howard Digital, Coinbase Ventures, Kraken, and Avon Ventures, which is affiliated with Fidelity.
Alluvial is the developer behind Liquid Collective, a protocol that supports "liquid staking" for Ethereum. Unlike competitors such as Lido and RocketPool that offer a "staking-as-a-service" product, Alluvial is catering to institutions and traditional finance, predicting that larger players will want to enter the space. With regulators including the Securities and Exchange Commission circling around staking, Alluvial is making a long-term gamble on the Ethereum ecosystem.
