Crypto Staking Platform Figment Raises $50 Million

Figment, one of the leading crypto staking platforms, recently announced that the company has secured $50 million in Series B funding to expand its services.

According to an official announcement, Senator Investment Group and Liberty City Ventures led the latest funding round of the crypto staking firm. Other participants include Mike Novogratz’s investment management firm Galaxy Digital, Anchorage Digital, Declaration Partners, Bonfire Ventures, 10T Holdings, and JPK Capital.

Figment also outlined the importance of the growing Proof-of-Stake (PoS) Proof-of-Stake (PoS) Proof-of-stake is a type of consensus algorithm in which a blockchain network aims to achieve distributed consensus. It is also process used to reach an agreement on a single data value. In PoS-based cryptos, the creator of the next block is chosen through various combinations and parameters. In essence, an individual person can mine or validate block transactions based on how many coins he or she holds. Adhering to this concept, the more Bitcoin or altcoin owned by a miner, the greater the mini Proof-of-stake is a type of consensus algorithm in which a blockchain network aims to achieve distributed consensus. It is also process used to reach an agreement on a single data value. In PoS-based cryptos, the creator of the next block is chosen through various combinations and parameters. In essence, an individual person can mine or validate block transactions based on how many coins he or she holds. Adhering to this concept, the more Bitcoin or altcoin owned by a miner, the greater the mini Read this Term) industry. The crypto platform mentioned that the launching of Ethereum 2.0 and other PoS layer 1 protocols like Polkadot, Solana, and Terra indicate that the PoS industry is becoming an integral part of the crypto ecosystem.

The crypto staking industry has seen phenomenal growth in the last few years. According to a recent report published by JPMorgan, staking could become a $40 billion industry by 2025.

Commenting on the latest Series B funding announcement, Lorien Gabel, CEO of Figment, said: “This funding round marks the start of a new chapter at Figment that aligns with the evolution of the industry. PoS has gone from proof of concept to mainstream and is being adopted by investors and developers at a massive scale. Our 100+ institutional clients and billions in AUM are just the beginning for us. Our belief is that the majority of value and data will be exchanged, settled, and stored on PoS blockchains.”

Growth

In addition to the funding round, Figment also highlighted a significant jump in the company’s growth during the last two years. The crypto staking company reached over $7B in digital assets staked to its infrastructure across the 40+ networks.

“We are thrilled to be supporting Lorien, Figment, and their team of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term experts. Staking is a massively important and mission-critical part of the blockchain ecosystem and Figment is at the forefront of this technology," Emil Woods, Partner at Liberty City Ventures, commented on the latest funding announcement.