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Blockchain Firm Figment Launches $16M Investment Arm to Fund Cosmos, Polkadot Projects
The Figment Capital fund will be dedicated to a number of emerging base layers.
Canada-based blockchain infrastructure provider Figment has launched a $16 million investment fund, Figment Capital, to support decentralized protocols and applications including Cosmos, Terra and Livepeer.
- In an announcement Tuesday, Figment said the new venture fund will be an investment arm of the Figment stack, and capital will be used to “supercharge” its support for blockchain protocols and early-stage projects.
- Figment provides infrastructure and tools for networks including Cosmos, Polkadot, Celo and Skale.
- The team is “bullish on privacy” and the fund is dedicated to supporting projects with Figment’s validator or developer infrastructure, said Clayton Menzel, head of marketing at Figment.
- The funding will be dedicated to projects building on multiple layer ones including Cosmos, Polkadot, Ethereum, Solana, Celo and NEAR, said Menzel.
- “We are dedicated to the Cosmos ecosystem so [we’re funding] anything running on Tendermint’s Cosmos-SDK because we are super familiar with the ecosystem,” Menzel told CoinDesk.
- Cosmos is a decentralized network made up of independent blockchains that utilize Byzantine fault-tolerant (BFT) consensus mechanisms, including Tendermint BFT.
- So far, $1 million from the fund has been allocated to a couple of projects the team is not ready to make public yet, Menzel said.
- Figment CEO Lorien Gabel said for three years the firm has supported numerous blockchains and onboarded thousands of developers into the Web 3 ecosystem.
- “With Figment Capital, we will now be able to fully support the launch of new Web 3 protocols and applications from testnet to mainnet and beyond as an active infrastructure provider, partner and investor.” said Gabel.
Read more: Blockchain Firm Figment Raises $2.5M in Funding Round Led by Bonfire Ventures
STORY CONTINUES BELOW
UPDATE (April 27, 13:38 UTC): Adds that funding will be dedicated to projects building on multiple base layers, including Cosmos, Polkadot, Ethereum, Solana, Celo and NEAR.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
