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Staking firm Figment raises $50 million in funding round

Updated: Jul 25, 2024
Published: Aug 16, 2021
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In a press release, Crypto staking services provider Figment announced that the firm raised $50 million in Series B Funding from institutional and strategic partners.

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Largest funding round by a staking provider

The Series B round was led by Senator Investment Group and Liberty City Ventures, Mike Novogratz's Galaxy Digital, crypto platform Anchorage and investment firms Bonfire Ventures and Declaration Partner participated in the capital raise. It was the largest funding round done by a staking provider, and the round values Figment at about $500 million. 

The capital raised by the company will be used to expand the team, and Figment will make efforts to diversify the services offered by the company.

What is Figment? 

Figment is a staking provider offering staking, middleware, and application layer solutions. The company manages revenue-generating assets on behalf of more than 100 institutions and has more than $7 billion of digital assets under management in its infrastructure this year. The company aims to support the adoption and growth of the web3 ecosystem by focusing primarily on the proof-of-stake industry.

The concept of Proof of Stake (PoS) states that a person can mine or validate block transactions depending on how many coins they have. This means that the more coins a miner owns, the more mining power he has by staking your coins.

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