P2P.org, a staking service provider, has raised $23 Million in funding from three crypto industry giants: Web3 investor Jump Crypto; crypto exchange Bybit; and digital asset bank Sygnum.

P2P has begun developing a platform that will cater to intermediaries as opposed to the existing service, which is geared towards direct holders.

The company is trying to take advantage of the recent Shanghai upgrade to the Ethereum network by allowing users the ability to withdraw the assets they “staked.”

The Shanghai upgrade, also known as Shapella is expected to increase institutional interest in Ethereum due to the increased liquidity that it generates.

P2P will use the funds to create blockchain infrastructure which enhances user experience when staking, as well as research and develop expansion initiatives.

Read more: Ethereum’s Shanghai upgrade will permanently alter ETH economics

Stephen Alpher edited the book.