Coinbase Prime Partners with Figment Inc. to Boost Institutional Staking in Major PoS Networks
In a groundbreaking development, Coinbase Prime has formed a strategic alliance with Figment Inc. to enhance institutional staking capabilities on leading Proof of Stake (PoS) networks, including Solana (SOL), Cardano (ADA), and Sui (SUI). This partnership reflects both companies’ commitment to elevating the staking experience for institutional clients and marks a significant milestone in the landscape of digital asset management. This collaboration is expected to further solidify Coinbase Prime’s position in an increasingly competitive market.
Figment Inc., already established as a leader in the staking sector with over $18 billion in staked assets, has collaborated with Coinbase Prime since early 2024. Initially focusing on Ethereum, their joint efforts successfully introduced over $2 billion in staked assets while supporting Grayscale’s U.S. ETH exchange-traded product (ETP) that includes staking functionalities. The expansion of this partnership to other prominent PoS networks signifies a calculated effort to cater to the growing demand for secure and efficient staking solutions among institutional investors.
The integration of Figment’s infrastructure allows Coinbase Prime’s clients to delegate tokens for staking without having to transfer them out of the exchange’s custody environment. This streamlined approach not only simplifies operations but also contributes to a more user-friendly experience by enabling seamless staking, trading, and financing through a single, cohesive interface. “Expanding our staking integration gives institutions greater flexibility to work with top-tier providers like Figment while ensuring assets remain secure under Coinbase Prime’s institutional-grade controls,” noted Lewis Han, Head of Staking Sales at Coinbase Prime.
The timing of this partnership is particularly significant, as institutional interest in staking continues to grow. Recently, Bitwise Asset Management announced its plans to introduce the Bitwise Solana Staking ETF (BSOL) on the New York Stock Exchange, further validating the market’s appetite for staking products. Such developments emphasize the importance of partnerships like that of Coinbase Prime and Figment, which aim to provide institutional investors with safer and more comprehensive staking options.
In alignment with its broader institutional strategy, Coinbase’s collaboration with Figment comes at a time when the U.S. exchange is actively seeking to strengthen its foothold in the digital asset market. A recent partnership with Citigroup aims to explore stablecoin-based corporate payments, enhancing the efficiency of cross-border settlements while offering blockchain solutions for 24/7 payments. This strategic direction underscores Coinbase’s commitment to expanding its product offering to meet evolving market demands.
Additionally, leadership at Coinbase Prime is pushing for a clearer regulatory framework in the U.S., which could significantly impact the digital asset landscape. CEO Brian Armstrong remains optimistic that upcoming crypto market structure legislation may pass before the year’s end, as lawmakers appear “90% aligned” on establishing standards for digital asset custody, trading, and stablecoin issuance. Engaging with policy-makers remains a priority, with executives from Coinbase participating in discussions with prominent industry players to address policy delays affecting crypto ETF approvals.
In conclusion, the partnership between Coinbase Prime and Figment Inc. exemplifies a significant step forward in institutional staking, catering to the increasing demand among financial institutions for robust staking solutions. The synergy between both entities promises to enhance the staking landscape within PoS networks, setting the stage for burgeoning growth in the institutional adoption of cryptocurrency. As Coinbase Prime continues to navigate regulatory developments and forge strategic alliances, its role in shaping the future of digital assets will undoubtedly become more impactful.