Figment raises $50 million from Galaxy Digital and others

The startup aims to accelerate the improvement of Web 3.0 and infrastructure for Proof of Stake networks

Crypto staking startup Figment announced yesterday that it had raised $50 cardinal successful Series B funding. The circular was led by Liberty City Ventures and Senator Investment Group, portion different participants included Galaxy Digital, Bonfire Ventures, Anchorage Digital, 10T Holdings, Declaration Partners and JPK Capital.

Figment builds back-end systems and infrastructure that alteration assets specified arsenic integer tokens to supply yield. This is portion of the project’s wider ngo to instrumentality an industry-leading relation successful the improvement of Web 3.0.

Partner astatine 10T Holdings, Stan Miroshnik, explained, “Figment is the person successful delivering turn-key infrastructure solutions that are captious to driving the adjacent signifier of organization blockchain adoption. The institution abstracts the operational and method complexity of blockchain implementation, and allows its customers to absorption connected their halfway business, providing contiguous ROI.”

Figment has seen awesome maturation since it became profitable successful 2019. It present supports much than 100 organization clients with its infrastructure, spanning implicit 40 networks, and has facilitated the staking of much than $7 cardinal worthy of integer assets.

As Proof of Stake (PoS) grows successful popularity, Figment clients are capable to securely enactment successful PoS networks, acknowledgment to the startup’s work level agreements (SLAs), slashing security and technology.

Mike Novogratz, whose institution Galaxy Digital participated successful the backing round, was affirmative astir the imaginable of PoS networks. He said, “Proof of Stake and the quality to gain output volition beryllium an important catalyst successful driving further organization involvement successful the integer plus industry.”

The much energy-efficient and antiauthoritarian PoS statement mechanics has attracted galore developers and investors implicit the past year. As the marketplace recovers, PoS cryptocurrencies person been among the coins starring the charge. Cardano (ADA) has made gains of 41% implicit the past 7 days, portion Solana (SOL) is up 80% and Terra (LUNA) is up 79%.

What’s more, Cosmos and Polkadot are the fastest increasing blockchain ecosystems with regards to developer activity, according to a study by Electric Coin Capital. A caller study by JPMorgan besides suggested that by 2025, staking could turn into a $40 cardinal industry.