Blockchain staking service provider Figment has acquired analytics firm Rated Labs, aiming to significantly enhance its staking data offerings for institutional clients. This strategic move is expected to provide exchanges, custodians, and asset managers with more transparent and reliable data to inform their staking decisions.
Key Takeaways
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Figment, a major player in blockchain staking, has acquired Rated Labs, a firm specializing in validator performance data.
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The acquisition aims to bolster staking data transparency and reliability for institutional clients.
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Rated Labs provides tools like the Rated Explorer and data APIs for tracking staking performance across various networks.
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This move aligns with Figment's broader acquisition strategy, targeting regional players and specific networks.
Enhancing Institutional Staking Insights
Figment, which manages over $18 billion in staked assets, announced the acquisition of the U.K.-based Rated Labs. The financial terms of the deal were not disclosed. Rated Labs is recognized for its comprehensive validator performance data and tools, including the Rated Explorer and data APIs, which cover major networks such as Ethereum, Solana, and Cosmos.
Andrew Cronk, Chief Product Officer at Figment, emphasized the importance of transparent and reliable data in the growing institutional staking landscape. "Transparent and reliable data remains the foundation of trust," Cronk stated, highlighting how this acquisition will empower institutional clients to make more informed staking decisions.
Strategic Growth and Future Plans
The acquisition of Rated Labs is a key component of Figment's strategy to invest up to $200 million in acquisitions. The company is particularly interested in regional players and networks like Cosmos and Solana. Figment intends to keep the Rated Explorer website operational and will collaborate with enterprise clients to review and enhance API offerings over the next 30 to 45 days.
This development occurs amidst a broader trend of consolidation within the cryptocurrency industry. While other firms have engaged in significant mergers and acquisitions, Figment's CEO, Lorien Gabel, has expressed a commitment to independent growth, stating the company is not seeking outside funding or considering a sale. Figment has previously raised $165 million from notable investors, including Thoma Bravo, Morgan Stanley, and Franklin Templeton.
Sources
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