Canada-based blockchain infrastructure provider Figment secured $50m yesterday in a series B round that included digital asset platform operator Anchorage Digital and cryptocurrency trading firm GSR.
Hedge fund manager Senator Investment Group and venture capital firm Liberty City Ventures co-led the round, which included VC firms Bonfire Ventures, 40 North Ventures, GFT Ventures and Hard Yaka.
Digital asset-focused investment firm Galaxy Digital, growth equity fund 10T Holdings, investment firm Declaration Partners and private equity firm JPK Capital filled out the list of series B participants together with a vehicle called Finality Capital Partners.
Figment’s service allows investors to stake their cryptocurrency tokens on a blockchain that enables them to earn yield every time a new block is added to the chain.
The company has over $7bn in digital assets staked to its infrastructure as of this year. The capital injection will support recruitment activities and expand the range of services it provides.
Figment has raised at least $55m of funding since it was founded in 2018. Bonfire Ventures led a $2.5m funding round for the business in October 2020 that also featured FJ Labs, XDL Capital Group, BKCM, Lemniscap and undisclosed other investors.
The company had previously received $1.5m in a March 2019 seed round featuring Bonfire Ventures, XDL Capital, Lemniscap and FJ Labs following $1m in a 2018 pre-seed round backed by unnamed investors.