Cryptocurrency Staking Infrastructure Provider Figment Secures $2.5M in Series A Funding

Figment, a digital currency staking infrastructure provider based in Canada, has said that it has successfully completed its Series A funding round by raising an amount of $2.5 million from investors. The blockchain firm intends to utilize these raised funds for further strengthening its team and scaling crypto staking infrastructure.

As announced on October 29, 2020, this multi-million dollar Series A funding round was led by the capital market company Bonfire Ventures. The other firms who participated in this funding round are angel investor Stephan Patnernot, FJ Labs, BKCM, Leminiscap, and XDL Capital Group. With great participation from these investors, Figment was able to garner $2.5 million in funds.

After the completion of this funding round, the blockchain firm’s total raised amount now has reached $5 million. Firstly, Figment raised an amount of $1 million in a pre-seed funding round back in the year 2018. While on the other hand, around $1.5 million in funds was raised by the firm in a seed round last year in 2019.

Figment aims at strengthening its team further by utilizing these funds. Moreover, it will be looking to scale its infrastructure of cryptocurrency staking for making it better. While talking about the staking infrastructure scaling, the Chief Executive Officer (CEO) and Co-Founder of Figment Lorien Gabel said that they are looking forward to hiring development and IT operation engineers for this purpose.

Regarding the expansion of the team, Gabel said that they are planning on hiring five more people across the fields of research and sales. There are around 26 people that are currently working for Figment. Moreover, Gabel said that this new funding round will help the company to continue investing in its blockchain’s developer tools, staking, and governance.

Figment was established in the year 2018. It offers its digital currency staking services to more than 30 blockchains such as SKALE, Polkadot, Tezos, Avalanche, Cosmos, and some others. The blockchain networks including Celo, Cosmos, Polkadot, etc., also utilize tools and infrastructure provided by Figment. According to its CEO, over $200 million in assets has been staked by the company to its validators.