A16z Investing $70M in Ethereum Staking Provider Lido Finance

Andreessen Horowitz (a16z) has announced a $70 million investment in Lido Finance, a liquid staking provider that makes it easier to stake ether and other proof-of-stake (PoS) assets. The firm also used Lido to stake an undisclosed portion of a16z Crypto’s ether holdings on the Beacon Chain. Previously, Lido closed a $73 million funding round led by Paradigm in May 2021 with participation from Three Arrows Capital, Alameda Research, DCG and others.