Figment

Figment provides staking infrastructure and services for institutions holding proof-of-stake digital assets. Its offering combines validator operations with point-and-click staking, portfolio reward tracking, API integrations, audited infrastructure and slashing protection, and it supports staking across more than 40 established and emerging protocols including Ethereum, Solana, Celestia, Polkadot, Polygon, Avalanche, Cosmos, Aptos, NEAR and Sui.

The company describes itself as the leading independent provider of staking infrastructure and the largest non-custodial staking provider of staked Ethereum and Solana, serving over 1,000 institutional clients such as asset managers, exchanges, wallets, foundations, custodians and large token holders. Alongside its institutional platform, Figment offers a retail-oriented ETH staking product in which clients retain control of the validator withdrawal address, along with rewards dashboards, CSV/report exports, address tracking and on-chain billing via an audited smart contract that pays validator fees automatically. Figment also runs an investment arm, Figment Capital, focused on the crypto industry.

Founding story

Figment was co-founded by Lorien Gabel (CEO), Andrew Cronk (CPO) and Matt Harrop (CTO). Before Figment, Gabel co-founded three companies with his brother: pingg.com (acquired by 1-800-Flowers), Bird on a Wire Networks (acquired by AT&T Canada) and Interlog, an early Canadian commercial ISP that was acquired by a multinational telecommunications provider; he also led US growth for MessageLabs as Global VP Business Development and ran a division of Micron.

Business model

Figment operates validators on proof-of-stake networks and takes a cut of the staking rewards generated by delegated assets, primarily from institutional clients and to a lesser extent from retail delegators on its public validators. The company also stakes some tokens held on its own balance sheet, which management stated is not the majority of revenue. Principal cost lines cited are staffing, equipment and insurance premiums.

Fees taken as a share of staking rewards earned on assets delegated through Figment's validators, billed to institutional clients and, for retail delegators, collected at the protocol level; individual ETH staking fees are charged on-chain through an audited smart contract.

Traction

Over $15 billion in assets staked through the platform and more than 1,000 institutional clients as of the company's current site. In December 2021 the company reported roughly $10 million in monthly revenue, projected annual revenue of about $100 million, validators on more than 50 blockchains and $7.5 billion in assets under staking. An October 2023 interview cited over 250 institutional clients and more than $150 million raised. Recent mandates include Morgan Stanley Investment Management selecting Figment as a staking provider for new Ether and SOL ETPs and selection as staking provider for Bitbank's staking service.

Latest developments

CEO Lorien Gabel said the company is seeking acquisitions in the $100 million to $200 million range, targeting projects with a strong regional presence or position within a particular blockchain ecosystem. In July 2026 Morgan Stanley Investment Management selected Figment as a staking provider for its new Ether and SOL ETPs, and in August 2026 Figment was selected as staking provider for Bitbank's staking service. Recent research output covers Ethereum's Glamsterdam upgrade, Solana's SIMD-123 priority fee sharing and the Arc network.