Figment, a leading provider of institutional staking infrastructure, reported substantial growth in the first quarter of 2024, attributing its success to the launch of Ethereum and Solana staking ETPs. According to Figment, the company experienced a remarkable fivefold increase in Q1 compared to the same period last year, surpassing $15 billion in staked assets under management from over 500 institutional clients.

Lorien Gabel, CEO and co-founder of Figment, emphasized the company's commitment to meeting the evolving needs of its customers. "At Figment, we understand the priorities of our clients, who are increasingly seeking trust, risk-adjusted rewards, and guidance in navigating the complexities of the blockchain landscape," Gabel stated. "We take pride in providing transparency, security, and compliance as we guide our clients through this rapidly evolving industry."

In a significant move to expand its global presence, Figment established Figment Europe Ltd, based in the UK, following its expansion into the Asia-Pacific region in 2023. This expansion facilitated the launch of Ethereum and Solana staking ETPs on the SIX Swiss Exchange in collaboration with financial services provider Apex Group.

The Ethereum and Solana staking ETPs, known as Figment Ethereum Plus Staking Rewards (ETHF) and Figment Solana Plus Staking Rewards (SOLF), offer institutional investors convenient access to staking rewards through traditional brokers or banks. The decision to prioritize Ethereum and Solana for the ETPs was driven by strong demand from Figment's largest clients.

As part of its growth strategy in Europe, Figment added validators in Ireland to enhance network security and prevent double signing and slashing events. Looking ahead, Figment plans to accelerate its growth by introducing Figment Vaults, a new product offering designed to simplify institutional ether staking. This product will enable clients to stake any amount of ether while maintaining the privacy of their funds and selecting the geographical location of their validators.