The platform’s revenue is estimated to be around $100 million in 2021.
Figment, an infrastructure provider for Web 3.0 applications, raised $110 million in a Series C funding round, bringing the blockchain company to a $1.4 billion valuation.
- Private investment firm Thoma Bravo was the lead investor for the round. Funding was also provided by Morgan Stanley bank Counterpoint Global, ParaFi Capital, Avon Ventures, Anchorage Digital, as well as crypto exchanges Binance, Bitstamp and Binance.US.
Figment was founded in 2018 and helps developers build staking platforms and DeFi applications. More than 50 blockchain protocols have become startup partners. According to Crunchbase, the company previously raised $55 million, of which $50 million was in August this year.
The startup will channel funds to support the Proof-of-Stake blockchain, increase platform members, scale middleware and DApp development tiers, and recruit new developers.
The Figment team has grown to 119 people over the past year. Monthly revenue from the staking platform is around $10 million, reports TheBlock, citing company representatives. According to them, the total amount of revenue for 2021 is about $100 million.
“Most of our betting revenue comes from institutional investors,” Clayton Menzel, head of protocol and capability at Figment, told TheBlock.
The Figment platform is used by DeFi-protocol Compound, investment firm Lemniscap and Three Arrows Capital.
The company has also launched an investment arm, Figment Capital, which will focus on investing in the crypto industry.
Read also: Ethereum upgrades will help the betting market grow to $40 billion, said JPMorgan.