Figment Raises $50M to Build Up Proof-of-Stake Infrastructure

Figment is a blockchain infrastructure provider, raised $50 million in a Series B funding round that was led by institutional investors Senator Investment Group and Liberty City Ventures.

Anchorage Digital, Galaxy Digital and 10T Ventures also participated in the funding.

The company plans to use the funding to expands its infrastructure across the proof-of-stake (PoS) industry supporting the services it provides “up and down the Web 3 stack.”

Figment develops back-end systems and infrastructure that provide yield on tokens for PoS blockchains such as Cosmos and Polkadot.

With Ethereum’s transition to a PoS model, Figment predicts that the market cap of this segment of the crypto industry will “double overnight” as it will account for everything on Ethereum rails, including decentralized finance (DeFi) and non-fungible tokens (NFTs).

About Figment

Figment’s purpose is to build a better Internet by increasing usage of the next generation of Proof of Stake blockchains.

These efficient blockchains give people greater control of their data, more privacy, and increase financial inclusion. By eliminating intermediaries they also limit the power of centralized data monopolies, rent seeking financial institutions and anti-social algorithms.

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