Figment, a top independent staking infrastructure provider, has announced its membership in the Blockchain Association, the leading trade association for the cryptocurrency industry in the United States.
As a result of this move, the staking platform with over $15B in staked assets will join forces with top exchanges, venture capital firms, infrastructure, and service providers in the country to push for institutional adoption of cryptocurrency.
Kristin Smith, CEO of Blockchain Association, commented on the new development, saying:
“We are excited to welcome Figment as a member of the Blockchain Association. As the U.S. moves into a new era for digital assets, establishing regulatory clarity around staking will be critical. We look forward to the Figment team lending their expertise to these policy conversations in DC.”
The U.S. is at a critical time when the crypto industry seeks regulatory clarity to enable it to thrive after many years of setbacks.
This is also a time when institutional interest in cryptocurrencies is rapidly increasing. Figment’s collaboration with the Blockchain Association shows its commitment to bringing about institutional crypto adoption in general and staking in particular.
The staking giant is focusing efforts on four major areas of education and advocacy, including protocol staking in ETPs, development of staking regulatory frameworks, education on the distinction between protocol staking and yield products, and cross-jurisdictional policy alignment.
Figment will also gain more credibility as a leader in shaping the future of digital asset infrastructure, enabling it to serve its 700+ institutional clients better while contributing to the development of responsible industry standards.
Before now, the startup has educated American policymakers on the critical role that staking plays in securing and decentralizing Proof-of-Stake (PoS) networks.
With the Blockchain Association, Top on its agenda is the possible addition of staking to ETPs and making it possible for traditional banks and brokerages to navigate the opportunities of staking within regulated financial institutions through SAB 122.
Jennie Levin, Chief Regulatory & Strategy Officer at Figment, said:
“Protocol staking is the backbone of blockchain security, ensuring network integrity and decentralization. Figment is thrilled to join the Blockchain Association, to align with industry leaders to further this message and advocate for a thriving, secure, and decentralized future.”
Proof-of-Stake networks have reached a market cap of $633 billion market cap, offering a more sustainable alternative to energy-intensive Proof-of-Work mining. With the approval of Ethereum ETFs, PoS networks see a new possibility of progress, making Figment’s efforts more timely.