Bitvavo, a cryptocurrency exchange headquartered in the Netherlands, has unveiled plans to utilize Figment's institutional-grade staking infrastructure to stake various tokens on behalf of its users. Figment, which secured significant investments in 2021 from major players like Galaxy Digital, had previously announced its intention to provide staking infrastructure for Dutch exchanges. Bitvavo intends to stake user assets across multiple proof-of-stake protocols, including Ethereum, Solana, and Near.
Mark Nuvelstijn, the CEO and co-founder of Bitvavo, underscored the exchange's commitment to refining its products and services. He noted that the collaboration with Figment represents an expansion and diversification of Bitvavo's staking service providers, which already include Coinbase, Copper, and Kiln. With a customer base exceeding 1.5 million users in the Benelux region, Nuvelstijn emphasized the increasing importance of staking within the cryptocurrency industry.
Partnering with Figment is seen as a strategic move by Bitvavo to enhance security measures surrounding staking and to broaden its range of product offerings. Nuvelstijn lauded Figment as a leader in staking infrastructure, expressing admiration for their comprehensive market knowledge and expertise. Eva Lawrence, Figment's head of EMEA, highlighted the collaborative efforts between the two teams over the past six months to spearhead Bitvavo's staking services in Europe.
The partnership between Bitvavo and Figment aims to facilitate staking rewards for Bitvavo on newly launched networks. Figment is also tasked with constructing dedicated validator nodes for Bitvavo to ensure optimal network performance and security. Bitvavo's expansion initiatives extend beyond its collaboration with Figment; the exchange has steadily broadened its presence in Europe, securing regulatory approval to offer services in France and Austria, with plans to enter the Italian market in 2022.
