Bitvavo Partners with Figment to Offer Staking Services for Multiple Tokens to Users
Amsterdam-based cryptocurrency exchange Bitvavo, the largest EUR spot exchange globally, announced a strategic collaboration with Figment on May 1, a leading provider of staking infrastructure. The partnership sees Bitvavo leveraging Figment’s institutional-grade infrastructure to power its staking services.
With Bitvavo’s reach and Figment’s staking infrastructure, the collaboration may noticably influence the landscape of staking services in Europe.
Bitvavo Partners with Figment to Enhance Staking Services Across Multiple Networks
According to the announcement, Figment, which received sizeable investments from industry giants like Galaxy Digital in 2021, revealed that it would furnish staking infrastructure for the Dutch exchange. Bitvavo will utilize Figment’s infrastructure to offer staking services across multiple networks, including Ethereum (ETH), Solana (SOL), and NEAR, among others.
Bitvavo has access to over 250 crypto assets, with approximately 1.5 million users, and is registered with the Dutch Central Bank.
The announcement noted that features of the protocol staking service offered through Bitvavo and Figment include access to staking rewards on newly launched networks, dedicated validator nodes to ensure enhanced network performance and security, and advanced reporting capabilities for oversight and transparency.
Figment is pleased to announce our collaboration with @bitvavocom, one of the leading digital assets exchanges in Europe. 🤝
Bitvavo’s staking services for ETH, SOL, and NEAR are now powered by Figment’s robust staking infrastructure. 🔥
Read the full announcement now:… pic.twitter.com/VsbEsjiv9I
— Figment (@Figment_io) May 1, 2024
Clients of Bitvavo will now be able to earn staking rewards through Figment’s “Safety Over Liveness” approach. Figment’s staking infrastructure is also backed by certifications such as SOC 2 Type I and ISO 27001.
“We see staking as an integral part of the crypto industry and are happy to continue offering this service to our customers,” said Mark Nuvelstijn, CEO of Bitvavo.
Figment’s involvement represents an expansion and diversification of Bitvavo’s pool of staking service providers, which already includes Coinbase, Copper, and Kiln.
Nuvelstijn emphasized the growing significance of staking within the cryptocurrency industry, noting that it has become an essential service for Bitvavo’s customer base.
According to Nuvelstijn, collaborating with Figment enables Bitvavo to offer additional security and safety around staking while expanding its service offerings.
“We have been extremely impressed with their speed and innovation around new network offerings,” said Eva Lawrence, Head of EMEA at Figment, regarding Bitvavo.
Bitvavo Expands Strategic Presence in Europe, Targeting Favorable Regulatory Environment for Crypto Adoption
Bitvavo has been executing a strategic expansion plan across Europe, capitalizing on the continent’s increasingly favorable regulatory landscape. With the implementation of the Markets in Crypto Assets (MiCA) regulation, Europe has become an attractive destination for global crypto investors, offering streamlined licensing procedures and enhanced stakeholder protection.
In November 2023, Bitvavo secured regulatory approval from France‘s Autorité des Marchés Financiers, enabling the exchange to launch its services for French users. This milestone followed Bitvavo’s entry into the Austrian market. The company previously introduced its services in Italy in 2022 and is currently actively pursuing registration applications in other key European markets.
Nuvelstigen expressed confidence in Europe’s potential to drive global crypto adoption, citing the region’s unified licensing framework. Under this framework, obtaining a single permit allows exchanges to operate seamlessly across multiple European countries, streamlining regulatory compliance.
Nuvelstigen emphasized the strategic significance of the French market in particular, highlighting recent studies indicating a growing interest in digital assets among French citizens. According to a recent survey, crypto assets constitute 9% of investment portfolios in France, making it the second most popular asset class in the country.
