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Silicon Valley-based cloud technology company InfStones has raised $2 million in seed funding to develop its block-producing capacity in proof-of-stake (PoS) networks, CoinDesk reported.
Founded in 2018, InfStones aims to provide cloud management services and cybersecurity protection for blockchains. The company boasts of hosting nodes for high net worth individuals, foundations, institutional investors, universities, and research institutions.
“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,” Jonathan Shi, founder and CEO of InfStones, said.
Leading investors include venture capital firm DHVC and corporate innovation platform Plug and Play Ventures. InfStones, an EOS block producer, will be using the fund for the expansion of its existing five-person team and cater more PoS chains.
Currently, InfStones, which offers staking and cloud service, is the block producer of nine PoS blockchains, which include IRISnet, IoTeX, Cosmos, EOS, Tron, Ontology Network, Vechain, GXChain, and Tezos.
Meanwhile, the company will soon include NuCypher, which is a decentralized blockchain privacy layer that works as a key management system. Using its Proxy Re-Encryption (PRE), users can securely share private data on public networks.
