Figment Acquires $50 Million in A Series B Investment Round

The investment was co-led by Senator Investment Group and Liberty City Ventures, with participation from Galaxy Digital, Anchorage, Declaration Partners, Bonfire Ventures, GSR, and others.

Crypto Staking Service Provider, Figment Acquires $50 Million In A Series B Investment Round

With the new funding, Figment intends to expand its staff and enable other blockchains for staking, according to co-founder and CEO Lorien Gabel. 

Senator Investment Group and Liberty City Ventures co-led the investment, which also included Galaxy Digital, Anchorage, Declaration Partners, Bonfire Ventures, GSR, and others.

According To CEO Gabel, Figment Intends To Expand Its Staff And Offer Other Blockchains For Staking

According to Gabel, Figment now has 72 employees and plans to add 30 more by the end of the year.

Figment now supports over 30 proof-of-stake (PoS) blockchains, including Ethereum 2.0, Solana, Polkadot, NEAR, and Avalanche. 

Staking is the practice of locking up tokens created on PoS blockchains to generate yield.

Gabel stated that Figment has over 100 institutional clients who have bet billions of dollars in cryptocurrency using its infrastructure.

"Our opinion is that the bulk of value and data will be transferred, settled, and kept on PoS blockchains," he added. 

"We will continue to make this sector 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 help create the decentralized indexing layer for Web3. 

With the new financing, Gabel expects Figment to bring more developer tools to market, such as The Graph.

Figment's total funding to date has been about $55 million, thanks to the Series B round. Gabel declined to comment on the firm's worth, but according to a Bloomberg source, Figment is currently valued at around $500 million.