Figment Soars with Record-Breaking Growth in Q1 2024 and Expanded Staking Services | Coinspeaker

Figment Soars with Record-Breaking Growth in Q1 2024 and Expanded Staking Services

Figment’s growth is not limited to staking volume alone; the company is also extending its reach by strengthening its presence in the European continent

Temitope Olatunji By Temitope Olatunji Julia Sakovich Edited by Julia Sakovich Updated 3 mins read
Figment Soars with Record-Breaking Growth in Q1 2024 and Expanded Staking Services
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Figment, a crypto staking firm, has announced its achievement in the first quarter (Q1) of 2024. The company revealed that with the launch of its Ethereum and Solana staking Exchange Traded Products (ETPs), it experienced a record year-on-year growth, managing over $15 billion in staking assets for more than 500 institutional clients. This huge five-fold increase compared to the same period in 2023 indicates the firm’s rapid expansion and the growing trust and confidence that its customers have in its services.

Exponential Growth in Staking Assets

Based on the company’s release reported by The Block, it could be mathematically proven that Figment’s staking asset volume stood at $3 billion during the same period last year. However, the significant spike in asset volume showcases the growth the company has been able to amass, driven by the increasing trust and confidence of its customers.

Lorien Gabel, Figment’s CEO and Co-founder, echoed the company’s commitment to its customers, emphasizing that they recognize the priorities of their clients, who are increasingly seeking trust, risk-adjusted rewards, and assurance in navigating the complexities of the blockchain landscape. Gabel further stated that Figment’s foundation is built on these principles, and the company takes pride in guiding its customers through uncertain regulatory environments with transparency, security, and compliance as top priorities.

European Expansion and Strategic Partnerships

Figment’s growth is not limited to staking volume alone; the company is also extending its reach by strengthening its presence in the European continent through the establishment of Figment Europe Ltd. This strategic move has proven fruitful, it has partnered with Apex Group to launch Ethereum and Solana staking ETPs on the Six Swiss Exchange.

These ETPs, named Figment Ethereum Plus Staking Rewards (ETHF) and Figment Solana Plus Staking Rewards (SOLF), provide investors with exposure to the prices of Ethereum and Solana while earning staking rewards, including maximum extractable value (MEV). The ETPs are fully backed by cryptocurrencies and aim to generate additional rewards through staking, providing investors with an easy way to access these rewards without the complexities of individual participation. The CEO revealed that the choice for ETH and SOL is based on the popular demand by the company’s largest customers.

Ethereum and Solana are among the major cryptocurrencies that have been favored by people in recent times. Ethereum is widely recognized as a leading platform for decentralized applications (DApps) and smart contracts, while Solana is known for its high throughput and low transaction fees, making it suitable for a wide range of applications, particularly in the decentralized finance (DeFi) space. The features could be catalysts for Figment customers’ preference for them over other options.

Figment’s ambitions do not stop there; the company has revealed plans to accelerate its growth by focusing on a new product offering called Figment Vaults. These innovations make it easier for institutions to stake ether. Clients can stake any amount of ether privately, without pooling or mixing assets. They can also choose where their validators are located, giving institutional investors more control and customization options.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Temitope Olatunji

Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games. 

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