Figment

Figment is a staking operator for institutions. A client such as an asset manager, exchange, custodian or foundation keeps its tokens in its own custody and delegates them to validators Figment runs. Figment keeps a commission on the rewards; the rest goes to the client. It also sells managed validators, APIs and data to platforms that build their own staking products.

The Canadian company was founded by Lorien Gabel (CEO), Andrew Cronk and Matt Harrop and is now remote-first across 23 countries. In October 2020 it said it had been profitable since its second year. It raised $2.5 million that month, then a $50 million Series B, then $110 million in December 2021 in a Series C led by Thoma Bravo at a $1.4 billion valuation. At the Series C it had 130+ clients and 119 staff; the client count is now over 1,500.

In October 2025 Figment bought Rated, the validator-analytics firm whose public explorer many funds use to compare staking operators, including Figment. Figment promised to keep Rated's explorer and API public. That puts a scorekeeper inside one of the operators it scores. Rated's data is open to check, but it is worth knowing who owns it.

Slashing is the protocol penalty for a validator that double-signs or, on some chains, stays offline. Figment markets coverage for three loss types: double signing, downtime and missed rewards. For Ethereum it offers an option to buy double-sign cover through Nexus Mutual, and an earlier programme offered up to 100% ETH slashing cover through InsurAce.

What the public page does not give is the terms: limits, deductibles, which networks, and whether cover is included or bought separately. Institutions get those in their contract. Anyone comparing operators should ask for the policy wording rather than rely on the marketing page.

Figment was a genesis validator on both Ethereum and Solana and says it is the largest non-custodial staker of ETH and SOL. Most retail users who stake through Figment do it indirectly, through Ledger's Figment-run Solana validator or an exchange that routes to Figment.

The Morgan Stanley ETPs plan to stake 50 to 80% of their ETH and up to 100% of their SOL, with about 95% of rewards passed to shareholders. The other 5% or so goes to fees, which is a useful benchmark for what institutional staking costs.