Crypto Staking Provider Figment Raises $110M in Series C Round

UTC by Darya Rudz · 3 min read
Crypto Staking Provider Figment Raises $110M in Series C Round
Photo: Unsplash

Figment will use the capital from the Series C round to further develop the Web 3 ecosystem and support more Proof-of-Stake (PoS) blockchains. In addition, Figment will increase staking participation, making blockchains more secure.

On Monday, blockchain infrastructure provider Figment announced it had completed its Series C funding round, raising as much as $110 million. According to the company, the round brought its valuation to $1.4 billion. Private equity and growth capital firm Thoma Bravo led the round. Other participants included a unit of Morgan Stanley (NYSE: MS) Counterpoint Global, Binance Labs, Two Sigma, Mirae Asset, ParaFi Capital, Avon Ventures, Bitstamp, CMS Holdings, B Capital Group, Franklin Templeton, DTCP, and StarkWare.

Figment will use the capital from the Series C round to further develop the Web 3 ecosystem and support more Proof-of-Stake (PoS) blockchains.

Figment CEO Lorien Gabel said:

“The caliber of investors in our Series C round cements Figment’s position as one of the most trusted and well-established platforms in the Web3 ecosystem.”

“We’re seeing tons of experienced engineers jump from traditional software into this space. Many of these people have joined our team and we have created an amazing Web3 native organizational culture around them,” added he,

In addition, Figment will increase staking participation, making blockchains more secure. This year, Figment’s institutional staking client base has grown to over 130, compared to 31 from the previous year. Further, the company is planning to scale the middleware and dApp development layers. And of course, Figment will invest in its manpower, hiring more builders to its team.

Chief of Staff at Figment Bill Mehleisen said:

“One of the most exciting things about building Web 3 is designing new ways of working and incentivizing teams. As a fully remote, decentralized team, Figment is more an ecosystem than a company. People thrive because they have autonomy, collaboration, and skin in the game to pursue building the future together.”

Back in August, Figment raised $50 million in a Series B funding. Institutional giants like Senator Investment Group and Liberty City Ventures led the round.

About Web 3

Web 3 that Figment is currently working on is the next major iteration of the Internet. With decentralization being at its core, Web 3 is verifiable, trustless, self-governing, permissionless, distributed and robust, stateful, with native built-in payments. Instead of running on a single server or a server that stores data in a single database, Web 3 apps run on blockchains, decentralized networks of many peer-to-peer nodes, or a combination of the two that forms a crypto-economic protocol.

Web 3 promises a future where users and machines can interact with data, value, and other counterparties without a need for a mediator. In addition, Web 3 networks will scale up, handling millions of transactions at an incredible speed.

Blockchain News, Business News, Cryptocurrency news, News, Startups
Darya Rudz
Author Darya Rudz

Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.

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