The funding helps Figment reach a $500M valuation. Here are the top-line bullets you need to know.
Figment, a blockchain infrastructure and crypto staking provider, has raised $50M in a Series B funding round. The round drew participation from Liberty City Ventures, Senator Investment Group, and Galaxy Digital, among others.
HOW’S THE COMPANY PERFORMING
- Canada-based Figment develops systems and infrastructure that provide yield on tokens for proof-of-stake (PoS) blockchains.
- The company states that over $7B in digital assets have been staked to Figment’s infrastructure across more than 40 networks.
- Figment stakes for over 100 institutional clients.
WHY DOES THE MARKET MATTER?
- The global blockchain technology market is expected to grow at a CAGR of 82.4% to reach a value of $394.6B by 2028, according to Grand View Research.
- The increasing global demand for digital payments and the movement of central banks toward digitized currencies are driving market growth.
- Blockchain funding reached an all-time high in H1’21, as over $7B was invested into cryptocurrencies, wallets, and exchanges.