Crypto Staking Platform Figment Raises $50 Million

Figment, one of the leading crypto staking platforms, recently announced that the company has secured $50 million in Series B funding to expand its services.

According to an official announcement, Senator Investment Group and Liberty City Ventures led the latest funding round of the crypto staking firm. Other participants include Mike Novogratz’s investment management firm Galaxy Digital, Anchorage Digital, Declaration Partners, Bonfire Ventures, 10T Holdings, and JPK Capital.

Figment also outlined the importance of the growing Proof-of-Stake (PoS) industry. The crypto platform mentioned that the launching of Ethereum 2.0 and other PoS layer 1 protocols like Polkadot, Solana, and Terra indicate that the PoS industry is becoming an integral part of the crypto ecosystem.

The crypto staking industry has seen phenomenal growth in the last few years. According to a recent report published by JPMorgan, staking could become a $40 billion industry by 2025.

Commenting on the latest Series B funding announcement, Lorien Gabel, CEO of Figment, said: “This funding round marks the start of a new chapter at Figment that aligns with the evolution of the industry. PoS has gone from proof of concept to mainstream and is being adopted by investors and developers at a massive scale. Our 100+ institutional clients and billions in AUM are just the beginning for us. Our belief is that the majority of value and data will be exchanged, settled, and stored on PoS blockchains.”

Growth

In addition to the funding round, Figment also highlighted a significant jump in the company’s growth during the last two years. The crypto staking company reached over $7B in digital assets staked to its infrastructure across the 40+ networks.

“We are thrilled to be supporting Lorien, Figment, and their team of blockchain experts. Staking is a massively important and mission-critical part of the blockchain ecosystem and Figment is at the forefront of this technology,” Emil Woods, Partner at Liberty City Ventures, commented on the latest funding announcement.