Figment’s European Expansion: The Establishment of Figment Europe Limited

February 7, 2024

We are excited to announce the establishment of our United Kingdom-based entity, Figment Europe Ltd. This is a significant step that marks a new phase in our global expansion. While Figment has previously had a presence in the region, the incorporation of a UK entity, alongside our expansion to the APAC region last year, demonstrates our commitment to meet customers where they are.

As the leading non-custodial staking provider for institutions and the top independent staking provider for ETH globally, we service over 250 institutional clients including asset managers, exchanges, custodians, and wallet providers. At the end of 2021, we raised our Series C and secured $110 million in funding, with backers from both traditional finance and crypto-native firms. This investment accelerated our growth in the EMEA and APAC regions.

The Genesis of Figment Europe Ltd.

We’ve been supporting customers in the EMEA region since 2018 and the establishment of Figment Europe Ltd. is the next step in this expansion. This strategic decision was born out of our desire to deepen our engagement with the European institutional crypto ecosystem. The region is led by Eva Lawrence, who has been building our presence in the region since early 2023.

The establishment of our UK entity is important for three reasons:

  1. It strengthens our presence in the UK and European markets, giving our customers a regional entity to onboard with.
  2. It offers customers the option to stake to our Ireland-based Ethereum validator infrastructure.
  3. It enables the development of regional partnerships, creating more avenues for customers to stake to Figment validators.

This expansion is reflective of our growth in the region, notably demonstrated by a significant increase in our percentage of overall Assets Under Staking (AUS) within the European market. 

London retains its title as the top global financial center, for innovation and talent. UK Prime Minister Rishi Sunak aims to turn the UK into a cryptoasset technology hub. This ambition is echoed by a16z, who opened their first non-US office in London last year, signaling continued investment and innovation growth in the city.

Regulators such as the FCA are taking a much more pragmatic approach towards the oversight of digital assets and moving towards a clearer regulatory framework. Eva Lawrence, Figment’s Head of EMEA commented; 

“Figment has a broad and diverse client base in the EMEA region, the incorporation of a new UK entity solidifies our strategy to grow and support clients in EMEA. We are seeing our customers and partners continue to grow in the region and we look forward to strengthening our collaboration and forging new relationships here“.

Growing Our Partnerships & Diversification

A key element of our European strategy is developing and nurturing relationships in the UK and EU. We have established partnerships with significant players in the region; including, GSR, Crypto Finance, Copper, Ledger Enterprise, Komainu, Market Vector, and more. We also have collaborations with other leading asset managers, exchanges, and wallet providers. 

These partnerships are not just business transactions; they are a testament to our commitment to collaborative growth and driving blockchain innovation​​. In a significant stride toward reinforcing our commitment to the European market, we have strategically expanded our operational Ethereum infrastructure to Ireland. This development not only represents our long-term dedication to Europe but also provides support for a multi-region approach which is robust, compliant, and scalable to optimize our performance and mitigate risks of unlikely events, such as a regional infrastructure shutdown.

The growth of Figment in the European region is intrinsically tied to our investment in people. As a remote-first organization operating across 23 countries, we are continually expanding our team with individuals who bring diverse skills and perspectives. This talent acquisition strategy is fundamental to driving our innovation and success in the UK and EU markets​​. Take a look at our latest job openings in EMEA, APAC and across Figment here.

A Laser Focus on Institutional Needs

The cornerstone of Figment’s operations is our institutional client base. We understand the region specific challenges and opportunities faced by these clients in the Web3 ecosystem. Our bespoke services include comprehensive staking solutions, advanced API development, and top-tier security measures, with a focus on safety over liveness. Our goal is to empower our institutional clients with the tools and insights they need to succeed in this rapidly evolving landscape​​.

What’s Next?

As Figment continues to grow and evolve, we are committed to continued support for our customers and partners in EMEA. We are focused on bringing staking to an even broader range of market participants in EMEA, APAC, and globally.

We are confident that as the crypto ecosystem in London and EMEA and our customers and partners in this region continue to grow and bring investment and new opportunity into the region, Figment and the team will be there alongside them.If you want to learn more about Figment or our EMEA entity, please reach out to the team here.

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