MilkyWay, a Celestia liquid staking protocol, has raised $5 million in a seed round co-led by Binance Labs and Polychain Capital, MilkyWay co-founder and CEO JayB Kim told The Block.

Other investors in the round included Hack VC, Crypto.com Capital and LongHash Ventures, Kim said. Binance Labs said in a separate statement that it has invested in MilkyWay to help it become the leading liquid staking protocol within the modular blockchain ecosystem, including for Celestia.

MilkyWay began raising for the round last December and closed about a month ago, Kim said. The round was structured as a simple agreement for future equity (SAFE) and token warrants for the co-lead investors, and as a simple agreement for future tokens (SAFT) for the participating investors, Kim added. He declined to …