Blockchain Firm Figment Raises $2.5M in Funding Round Led by Bonfire Ventures

Figment said the latest round will enable it to continue developing its blockchain staking, governance and developer tools.

Oct 29, 2020 at 1:06 p.m. UTC
Updated Sep 14, 2021 at 10:25 a.m. UTC

Canada-based blockchain infrastructure provider Figment has completed another multi-million dollar funding round.

  • Announced Thursday, the startup said it raised $2.5 million in an additional funding round led by Bonfire Ventures with participation from FJ Labs, XDL Capital Group, and BKCM, Lemniscap among others.
  • "This new round of capital will enable Figment to continue to invest in our best-in-class blockchain staking, governance, and developer tools," Figment's CEO Lorien Gabel said in a statement.
  • The funding follows a pre-seed round of $1 million in 2018 and a seed round in 2019 bringing in $1.5 million, also with participation from Bonfire, XDL, Lemniscap, and FJ Labs.
  • Gabel said the company believes in an internet where people control and profit from their own data, rather than "large data monopolies and governments" – an objective Figment is working to achieve.
  • The company provides infrastructure and tools for networks such as Cosmos, Polkadot, Celo, and Skale, as well as offering what it calls "institutional-grade" staking services on over 30 blockchains.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Coinbase Expands Features, Allowing Some App Users to Access Ethereum-Based Dapps

The move will let Coinbase users purchase NFTs, trade on decentralized exchanges and borrow and lend on various DeFi platforms.

The move will let Coinbase users purchase NFTs, trade on decentralized exchanges and borrow and lend on various DeFi platforms.

2
S&P Global Ratings Forms DeFi Group to Build Out Crypto Framework

The credit rating giant named Charles "Chuck" Mounts as chief DeFi officer to lead the unit.

The credit rating giant named Charles "Chuck" Mounts as chief DeFi officer to lead the unit.

3
What Happened to the Luna Foundation Guard’s Bitcoin Billions?

The community is getting louder about wanting answers to this lingering question.

The community is getting louder about wanting answers to this lingering question.

4
Stronghold Digital Beats Q1 Revenue Estimates, but Misses on Earnings

Shares of the bitcoin miner that uses waste coal for energy fell slightly in after-hours trading.

Shares of the bitcoin miner that uses waste coal for energy fell slightly in after-hours trading.