Canadian crypto staking provider Figment has become a unicorn after raising a staggering $110 million in its Series C funding round, the company announced Monday. Prior to this, the company had secured $50 million in a Series B round held in August.
Software investment firm Thoma Bravo led the round which saw participation from Counterpoint Global (Morgan Stanley), Binance Labs, Mirae Asset, ParaFi Capital, Avon Ventures, Bitstamp, CMS Holdings, Two Sigma, B Capital Group, Franklin Templeton, DTCP, and StarkWare, per the press release.
Lorien Gabel, co-founder and CEO of Figment, noted in the announcement:
“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 Web 3 ecosystem. We’re seeing tons of experienced engineers jump from traditional software into this space.”
Staking has become one of the profitable channels to earn rewards in cryptocurrencies as more and more PoS blockchains enter the ecosystem. According to crypto media outlet The Block, liquidity staking providers are earning approximately $10 billion in monthly revenue as of December 9.
Figment currently provides staking in more than 50 blockchain networks, including top blockchains such as Ethereum, Cardano, and Solana. As per its press release, It has staked over $7.5 billion in crypto assets from more than 130 institutional clients.
The majority of our staking revenue comes from our institutional clients, with some earning from retail delegators as well since a lot of our validators are public. We do stake tokens that are on our balance sheet, but it is nowhere near the majority of our revenue,” said Clayton Menzel, head of protocols and opportunities at Figment, told The Block.
The company plans to use the funds to boost Web 3.0 growth, increase its headcount, and add more blockchain networks to its staking ecosystem.