PANews reported on May 22 that the Ethereum liquid re-staking platform Kelp DAO raised $9 million in a private token sale round, with a valuation of $90 million. The financing was led by SCB Limited from the Bahamas and Laser Digital, the crypto division of Nomura Global, jointly investing $3.5 million. Other investors included Bankless Ventures, Hypersphere Ventures, Draper Dragon, and others.

Kelp co-founder Amitej Gajjala stated that this round of financing was completed in March, when Kelp's total value locked (TVL) was approximately $300 million, which has now increased to about $961 million. Kelp plans to use these funds to expand its liquid re-staking services on blockchains such as Bitcoin, Solana, and BNB Chain, with plans to launch 1-2 new chains in the third quarter of this year.