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About Figment
Figment is a blockchain infrastructure provider that helps institutions stake digital assets on proof-of-stake networks. Its core business is non-custodial staking services, meaning clients retain control of their assets while Figment operates the technical infrastructure. The company offers a unified API for integration, comprehensive reward reporting tools, and multi-tiered insurance protection against technical risks like slashing or downtime.
The main market pain point Figment addresses is the complexity and risk of running validator nodes in-house. Institutions like custodians, exchanges, and asset managers often lack the engineering resources or operational expertise to securely manage staking infrastructure across multiple networks. Figment solves this by providing institutional-grade reliability, SOC 2 Type II and ISO 27001 certifications, and transparent reporting that helps clients track rewards and maintain compliance.
In the past six months (February to August 2026), Figment expanded its partnership with Ripple Custody to strengthen institutional staking offerings, enabling banks and regulated entities to integrate staking more easily. The company also established Figment Japan in April 2025 and joined the Japan Cryptoasset Business Association, signaling deeper commitment to the Japanese market. These developments reflect Figment's focus on serving regulated institutions and expanding its global footprint, rather than pursuing retail-facing initiatives.
Figment has evolved from a staking infrastructure provider into a core pillar of the institutional blockchain ecosystem. A landmark moment came when the Royal Government of Bhutan transferred 320 ETH to Figment for staking, marking the first sovereign state to utilize its services—a powerful validation of institutional trust. The partnership with Grayscale, selecting Figment as the staking provider for its U.S. ETH ETP and SOL Trust, bridged traditional finance with proof-of-stake networks, enabling regulated exposure to staking yields. The integration with Coinbase Prime further expanded institutional access, extending staking support to networks like Solana, Sui, and Aptos directly from custody tools. Figment's growth was fueled by a strategic financing round with participation from C1 Fund, and its ambition to pursue acquisitions worth $100–200 million signaled a consolidation phase in the infrastructure sector. These milestones—sovereign adoption, ETF integration, exchange partnerships, and strategic capital deployment—collectively underscore Figment's long-term significance in building the foundational layer for institutional staking.
Figment was co-founded by Lorien Gabel (CEO), Matt Harrop (CTO), Andrew Cronk (CPO), and Ryan Funduk. Currently, the core executive team includes Lorien Gabel as CEO, Matt Harrop as CTO, and Andrew Cronk as CPO. Andrew Cronk has a background in engineering and product development, having worked at Motorola, Local Motors, and other companies. Ryan Funduk, a co-founder, previously served as Chief Architect but is no longer in an executive role.
Figment recently experienced a team change: Ben Spiegelman, Head of Corporate Development, departed in April 2026 after joining in January 2022. His departure marks a significant loss for the company's corporate development and partnerships efforts, as he was instrumental in driving strategic initiatives during his tenure.