Home News Figment raised $110M at a valuation of $1.4B

Figment raised $110M at a valuation of $1.4B

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Figment, provider of blockchain infrastructure solutions, raised $110 million as part of a Series C funding round. Investors valued the company at $1.4 billion.

Thus, the private investment company Thoma Bravo led the round. Counterpoint Global (Morgan Stanley), Binance Labs, CMS Holdings, ParaFi Capital, Avon Ventures, Bitstamp and others also participated in the funding.

With the funds raised, Figment will add staking support among a larger number of Proof of Stake (PoS) blockchains and hire additional developers. Currently, Figment earns about $10 million per month and supports more than 50 blockchains; including Ethereum 2.0, Solana, Polkadot, NEAR and Avalanche.

A pioneer in the development of Web 3 environment

In addition, Figment is a pioneer in the development of the Web 3 environment. The company provides useful blockchain infrastructure, research and protocol staking. And is now growing into the application layer to enable entrepreneurs and developers to create incredible products and services on PoS blockchains.

“Figment has had an exceptional year marked by continued success and explosive growth as PoS has become mainstream amid the growing movement to make finance more accessible and inclusive”. Said Figment co-founder and CEO Lorien Gabel.

According to the statement, this year, Figment’s institutional staking client base grew to more than 130, up from 31 the year before.

Series B funding round

Earlier in August 2021, Figment raised $50 million as part of a Series B funding round. The round was led by Senator Investment Group and Liberty City Venture with the participation of Galaxy Digital Mike Novogratz, Anchorage crypto bank and others.

Recall that previously in November liquid staking protocol pSTAKE raised $10 million, following a strategic funding round. Three Arrows Capital, Sequoia Capital India, Galaxy Digital and Defiance Capital Invest led the round.

pSTAKE allows you to “unlock” the liquidity of the tokens in the staking. Furthermore, holders can issue an appropriate number of ERC-20 standard coins. Moreover, they can be used in the Ethereum decentralized finance (DeFi) ecosystem; to receive a staking reward and in other profitable yield farming cases.

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