Figment Networks Raises Seed Round to Provide Large Crypto Token Holders with Secure and Compliant Staking Services
(amendment 4/24/2019: Lemniscap VC has been added as an investor in Figment’s seed round. Leminscap is an investment and advisory firm specializing in investments in emerging cryptocurrencies and advising early stage blockchain startups)
Toronto/New York — March 20, 2019 — Today Figment Networks (https://figment.network), a provider of institutional grade Proof of Stake (PoS) infrastructure services, announced the conclusion of a seed financing round of $2,000,000 (CAD). Participants in the seed round include Bonfire Ventures (Los Angeles), FJ Labs (NYC), XDL Capital Group (Toronto) and Lemniscap VC (Hong Kong), along with angel investors and the founders.
Prior to starting Figment Networks, the founding team successfully built and scaled four enterprise grade internet infrastructure businesses. The team combined a business-minded approach with deep experience in IP networking, data centers, cloud security, and databases, to develop a unique decentralized network company with the launch of Figment in 2018.
Figment offers a range of compliant staking services specifically tailored to meet the business needs of sophisticated institutional investors and large token holders. By entrusting Figment with their tokens, investors in PoS-based blockchain networks avoid inflation, earn token awards, support their founders/networks, and fulfill their responsibilities as fiduciaries to LPs. Figment prioritizes legal and regulatory compliance, tax efficiency, security and operational best practices. Figment provides industry leading delegation agreements and SLAs.
Joshua Nussbaum, Partner at Compound, said: “As long-term investors in a number of emerging PoS crypto networks, we are constantly looking for ways to support the growth of these projects beyond investing capital. Figment is our chosen staking partner because of their similar dedication to long term network success, while ensuring we are properly compliant and protected when staking our token investments.”
Beyond simply running validator infrastructure, Figment believes active participation in distributed network communities is an absolute requirement to grow the use and value of these new blockchain networks. As such, Figment invests in open source software (e.g., Hubble) and original research to find ways to unleash the potential enabled by PoS blockchains.
The Head of Trading at a large crypto hedge fund said: “As an early investor and testnet participant in the Cosmos Network, we noticed Figment contributing valuable tools and actively participating in the Cosmos community leading up to launch. These contributions, combined with their business-minded approach led us to trust Figment as a primary validator. We are excited to continue to work with Figment to support and grow the Cosmos ecosystem.”
Figment is currently offering staking services on Tezos, LivePeer, Iris, Cosmos and plans to add a number of leading projects as they launch in 2019 and 2020.
Figment Networks is a security and compliance focused staking service provider. Drawing on years of data center, software, and security experience, we offer industry-leading best practices to keep tokens safe, secure and optimized for yield. We provide transparency, legal stability, and regulatory clarity for institutional and large token holders.
Our data center and technical operations are based in Toronto, Canada and we are building a decentralized organization with team members located in New York, Chicago, Boston and…Wyoming.
For additional details please contact Lorien Gabel at firstname.lastname@example.org