The startup’s goal is to accelerate the development of Web 3.0 and infrastructure for proof-of-stake networks
Crypto staking startup Figment announced yesterday that it has raised $ 50 million in Series B funding. The round was led by Liberty City Ventures and the Senator Investment Group, while other participants included Galaxy Digital, Bonfire Ventures, Anchorage Digital, 10T Holdings, Declaration Partners and JPK Capital.
Figment builds back-end systems and infrastructures that enable assets like digital tokens to generate income. This is part of the project’s broader mission to be an industry leader in the development of Web 3.0.
Partner at 10T Holdings, Stan Miroshnik stated: “Figment is a leader in providing turnkey infrastructure solutions that are critical to the next stage of institutional blockchain adoption. The company abstracts the operational and technical complexity of the blockchain implementation and enables its customers to concentrate on their core business and offers immediate ROI. “
Figment has seen impressive growth since it became profitable in 2019. It now supports more than 100 institutional clients with its infrastructure spanning 40 networks and has enabled the staking of digital assets valued at more than $ 7 billion.
As Proof of Stake (PoS) grows in popularity, Figment customers can safely participate in PoS networks and reduce insurance and technology thanks to the startup’s Service Level Agreements (SLAs).
Mike Novogratz, whose company Galaxy Digital participated in the financing round, was positive about the potential of PoS networks. He said, “Proof of proportion and the ability to generate ROI will be an important catalyst in further increasing institutional interest in the digital asset industry.”
The more energy efficient and democratic PoS consensus mechanism has attracted many developers and investors over the past year. As the market rebounds, PoS cryptocurrencies were among the coins leading the indictment. Cardano (ADA) is up 41% in the past seven days, while Solana (SOL) is up 80% and Terra (LUNA) is up 79%.
Additionally, Cosmos and Polkadot are the fastest growing blockchain ecosystems in terms of developer activity, according to a report by Electric Coin Capital. A recent report from JPMorgan also suggested that staking could grow to a $ 40 billion industry by 2025.