Bitvavo Partners with Figment for Token Staking Services, Continues European Expansion
Summary:
Bitvavo, a Dutch cryptocurrency exchange, is set to use Figment's staking platform to stake tokens for its users across multiple proof-of-stake protocols including Ethereum, Solana and NEAR. The partnership follows six months of collaborative work and aims to enhance security measures and expand services for Bitvavo's user base of over 1.5 million users. This comes after their previous partnership with Digital Currency Group, which was impacted by systemic failures in the cryptocurrency sector. Additionally, Bitvavo has expanded its services to French users and is progressing in extending its services across Europe.
Bitvavo, a cryptocurrency exchange based in the Netherlands, will utilize the staking platform infrastructure of Figment to stake a range of tokens on the behalf of its users. The Vancouver-based Figment, a major staking services provider that secured substantial investments from leading players like Galaxy Digital in 2021, is set to supply staking infrastructure to Bitvavo. This enables Bitvavo to stake clientele assets across various proof-of-stake protocols such as Ethereum, Solana, and NEAR.
Mark Nuvelstijn, CEO and co-founder of Bitvavo, emphasized the company's commitment to improving and evaluating its products and services. He noted the increasingly crucial role of staking within the cryptocurrency sphere, stressing its significance to the company's vast customer base spanning over 1.5 million users in the Benelux region.
Nuvelstijn expressed that the collaboration with Figment will grant the exchange enhanced security measures concerning staking, and broaden their service offering. He acknowledged Figment as a market leader in staking infrastructure and lauded their profound understanding of market trends.
Eva Lawrence, Figment EMEA's head, disclosed that both groups have been working jointly for the past six months with aspirations to steer Bitvavo's staking services throughout Europe. The alliance is anticipated to enable access to staking rewards on Bitvavo's newly launched networks. Additionally, Figment will establish devoted validator nodes for Bitvavo to ensure optimal network performance and security.
Previously, Bitvavo chose Digital Currency Group to provide its off-chain staking services. As outlined in a past blog post, the ripple effect of systemic failures of large cryptocurrency sector entities impacted DCG, affecting their repayment capabilities towards Bitvavo.
Subsequent discussions took place between DCG and Bitvavo concerning the repayment of 280 million euros owed to the exchange. An update in February 2023 revealed that Bitvavo was seeking to regain 80% to 100% of the funds held by DCG during its bankruptcy. Bitvavo absorbed all the losses, hence its customers were kept safe. It then entered negotiations with DCG over creditors. Since then, Bitvavo has maintained a steady progress in extending its reach across Europe.
In November 2023, Bitvavo extended its services to French users, having successfully registered as a digital asset provider with France's Autorité des Marchés Financiers (AMF). This expansion followed Bitvavo's regulatory approval to operate in Austria. In 2022, the exchange extended its services to Italy and has also submitted registration applications in several other key European markets. Magazine: It seems that 68% of Runes are now facing a loss — is this really a step up for Bitcoin?
Published At
5/1/2024 5:34:20 PM
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