In Brief:
- The funding round included participation from Anchorage Digital, Galaxy Digital, and 10T Ventures.
- The fund would be used to build proof-of-stake infrastructure.
Figment, the blockchain infrastructure provider, raised $50 million in Series B Funding. The funding round was led by institutional investors Senator Investment Group and Liberty City Ventures. The funding would be used for hiring and business expansion.
“This funding round marks the start of a new chapter at Figment that aligns with the evolution of the industry,” Figment Chief Executive Officer and co-founder Lorien Gabel said in a statement.
Mike Novogratz’s Galaxy Digital, crypto platform Anchorage as well as investment firms Declaration Partners and Bonfire Ventures also participated in the fundraising. The round values Figment at about $500 million, a person familiar with the matter said.
Proof of stake involves an entity mining or validating block transactions according to how many coins or tokens they hold. “Proof of Stake and the ability to earn yield will be an important catalyst in driving further institutional interest in the digital asset industry,” Galaxy’s Novogratz said.
Figment currently supports more than 30 proof-of-stake (PoS) blockchains, including Ethereum 2.0, Solana, Polkadot, NEAR, and Avalanche.
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Gabel said Figment has over 100 institutional clients who have staked billions of dollars worth of crypto through its infrastructure.
Figment works to support the adoption and growth of the Web 3 ecosystem. It stakes yield-generating assets on behalf of more than 100 institutions. This year it reached over $7 billion in digital assets staked to its infrastructure. The company plans to use the proceeds to boost its headcount and further expand its services
“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.”
