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Figment

Invest in Figment

Digital Assets

Founded: 2018

Headquarters: Toronto, Ontario

figment.io

Status

Available

Last Round Valuation

$50 Billion

Share Price

$50.00

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About
Summary
Valuation

About Figment

Figment is the world’s leading provider of staking infrastructure. Figment provides the most comprehensive staking solution for its over 200 institutional clients, including exchanges, wallets, foundations, custodians, and large token holders, to earn rewards on their crypto assets. These clients rely on Figment’s institutional staking service, including rewards optimization, rapid API development, rewards reporting, partner integrations, and slashing protection. Figment is backed by industry experts, financial institutions, and its global team across twenty-three countries. This all leads to its mission to support the adoption, growth, and long-term success of the Web3 ecosystem.

Key Facts

Figment is one of the world’s largest blockchain infrastructure and services providers that develops back-end systems and infrastructure that provide yield on digital tokens and other assets.

Figment’s mission is to support the adoption, growth, and long-term success of Web 3 - the next generation of the Internet. Figment’s unique approach is making it simple to build on the next generation of blockchain technology. The company supports this mission in 3 ways:

Staking - Figment operates a highly secure network of Proof-of-Stake (PoS) validators that enable token holders to secure networks, participate in governance, and earn yield.

Software - Figment’s DataHub platform lets developers use the most powerful and unique features of a blockchain without having to become protocol experts, accelerating the development of new Web 3 applications.

Capital - Figment Capital offers seed funding and growth support to new, highly innovative PoS projects.

Figment is the complete staking solution for 250+ institutional clients including asset managers, custodians, exchanges, foundations, and wallets to earn rewards on their digital assets.

Figment offers staking and software support for over 60+ PoS networks with a robust pipeline of future additions.

Bringing together point-and-click tools with insightful data sets to manage staking positions, Figment is the complete staking solution for institutions. Figment’s unique staking dashboard and insights section provides data on protocol wide and validator specific performance. For technical integrations, developers have a special section to manage Figment’s Staking and Rewards APIs.

Figment’s APIs simplify the integration of staking services on their clients’ platforms. Customers can broadcast transactions programmatically and leverage sophisticated reporting to provide an exceptional customer experience.

Figment’s Staking API drastically increases the speed at which developers can add staking functionality for many digital assets. The Staking API abstracts away network-specific operations, allowing API interaction in the exact same way, regardless of network or the type of action a user wishes to take.

Figment’s Rewards API does all the heavy lifting to calculate the staking rewards earned by Figment validators for several digital assets including Ethereum and Solana. This allows users to quickly see the precise amount of tokens being earned by Figment validators.

Figment’s enterprise-grade infrastructure, SLAs (service-level agreements), and slashing insurance allow its clients to participate in PoS networks safely and securely across a growing range of networks that support the diverse ecosystems being built above them. Figment Networks is one of the few transcoders offering a service-level agreement (SLA), which guarantees compensation for missed rewards arising from any failure in performance.

Figment offers peace of mind to its customers by running some of the industry’s most robust infrastructure, including a SOC 2 and ISO 27001 certified environment, as well as holistic coverage to mitigate risks associated with slashing events.

Figment is the first staking provider to contractually commit to offering double-sign slashing alerting. By prioritizing transparency across all its supported networks, Figment bolsters its position as the best staking partner for institutional customers.

Figment’s own $17.5 million investment fund, Figment Capital, launched in April ‘21 and has since invested in teams and networks with a focus on proof-of-stake consensus models, interoperability, and privacy. Investments include Osmosis, a decentralized exchange based on the Cosmos network, crypto staking protocol Obol, and Ethereum scaling and privacy engine zkSync, among others.

Figment generates revenue by taking a cut from all staking revenue that gets generated. "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.

In July 2022, Figment announced that it will launch “Figment White Label”, a staking solution that maximizes branding, security, and control by offering private validators for the exclusive use of a single client.

In March 2022, Figment announced a partnership with Unslashed Finance, a leading DeFi insurance provider. The partnership will provide Figment customers with the best in class on-chain protection to protect institutional clients against common risks associated with staking, like downtime and slashing penalties.

In March 2022, Figment launched its DataHub Version 2. Version 2 is an update on Figment’s Web 3 Developer node infrastructure platform, making it easier for Web 3 developers to build and launch new apps.

In May 2022, Figment announced a partnership with Coinbase Cloud to support the building of the first ever institutional liquid staking protocol. The initial deployment of institutional liquid staking will run on Ethereum. Figment and Coinbase Cloud will be part of the initial validator set, staking the tokens of whitelisted participants, with other industry-leading operators joining soon.

In July 2023, Komainu, a regulated digital asset custodian for institutions,nfounded as a joint venture between Nomura, Ledger, and Coinshares,nannounced a partnership with Figment. The partnership allows asset managers, family offices, hedge funds, pension funds,nand other institutional investors to earn protocol staking rewards, initially on Solananand Polkadot, while keeping their digital assets safe in Komainu’s custody solution.nKomainu clients will retain control of their staked digital assets whilst still in custodynas Figment provides a non-custodial staking service.

In July 2023, Talos, the premier provider of institutional digital asset trading technology, announced a strategic integration with Figment. The integration combines Talos's cutting-edge trading solution with Figment's complete staking architecture to offer the optimal solution for an institution to trade and stake Ethereum.

In July 2023, MetaMask Institutional (MMI) announced its partnership with Figment. The addition of Figment to MMI’s staking marketplace brings MMI’s offering to five aggregated institutional staking providers, alongside Consensys Staking, and three others. With this decentralized approach, MMI offers institutions the choice among the industry's top tier providers, together with standardized terms and conditions, institutional-grade reporting, and a simplified staking experience. MMI’s institutional staking marketplace brings a unique and enhanced staking experience to all kinds of organizations seeking to engage in Web3.

In July 2023, MarketVector Indexes (“MarketVector”), a global index provider and long-time leader in digital assets indexing, announced a partnership with Figment to introduce the industry’s first staking rewards indexes.

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Summary

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Customers

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Key Investors

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Size of Market

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Market Position

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Industry

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Primary Vertical

Digital Assets

Employees

500

Mosaic Score

840

Money

760

Momentum

850

Management

760

Market

960

What is a Mosaic Score?

Key Officers

Name Work History Title Status
John Smith Aenean, quam eu, diam dignissim Chief Executive Officer Current
John Smith Aenean, quam eu, diam dignissim Chief Executive Officer Current
John Smith Aenean, quam eu, diam dignissim Chief Executive Officer Current
John Smith Aenean, quam eu, diam dignissim Chief Executive Officer Current

Valuation

Valuation Over Time

chart

Last Round

Sept. 2019, Series B1

Valuation Post-Money

$400.2M

Amount Raised

$2.5M

Total Funds Raised

$75.2M

Implied Valuation

$84M

Funding Rounds

Date Round Amount Valuation Investors
MM/DD/YYYY Growth Equity $1M $2.8B Name goes here
MM/DD/YYYY Growth Equity $1M $2.8B Name goes here
MM/DD/YYYY Growth Equity $1M $2.8B Name goes here
MM/DD/YYYY Growth Equity $1M $2.8B Name goes here

Competitive Landscape

Company Valued Revenue
Coinbase
San Francisco, CA
$2.8B $1.3B
Coinbase
San Francisco, CA
$2.8B $1.3B
Coinbase
San Francisco, CA
$2.8B $1.3B

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