Crypto staking firm Figment raises $50 million in Series B funding round

Crypto staking firm Figment raises $50 million in Series B funding round

Crypto staking services provider Figment has raised $50 million in a Series B funding round.

Senator Investment Group and Liberty City Ventures co-led the round, with participation from Galaxy Digital, Anchorage, Declaration Partner, Bonfire Ventures, GSR, and others.

With fresh capital at hand, Figment plans to scale its team and support more blockchains for staking, co-founder and CEO Lorien Gabel told The Block. Figment's current headcount is 72, and it is looking to add 30 more people to its team by the end of this year, said Gabel.

Figment currently supports more than 30 proof-of-stake (PoS) blockchains, including Ethereum 2.0, Solana, Polkadot, NEAR, and Avalanche. Staking is the process of locking up tokens built on proof-of-stake (PoS) blockchains in order to earn yield.

Gabel said Figment has over 100 institutional clients who have staked billions of dollars worth of crypto through its infrastructure. "Our belief is that the majority of value and data will be exchanged, settled, and stored on PoS blockchains," he said. "We will continue to make this space more accessible and approachable to the next generation of Web 3 investors and developers."

Figment recently joined The Graph ecosystem as a core protocol developer to grow the decentralized indexing layer for Web3. Gabel said Figment will bring more developer tools like The Graph to market with the fresh funding in place.

The Series B round brings Figment's total funding to date to around $55 million. Gabel declined to comment on the firm's valuation, but Figment is now valued at about $500 million, according to a Bloomberg source.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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