Blockchain infrastructure provider Figment 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, Figment said Monday.
- The company plans to use the funding to expan its infrastructure across the proof-of-stake (PoS) industry supporting the services it provides "up and down the Web 3 stack."
- The funding follows a $2.5 million seed round last October.
- 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).
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