Bitvavo, a cryptocurrency exchange based in the Netherlands, plans to utilize Figment’s institutional-grade infrastructure for staking a range of tokens on behalf of its users.Figment declared that it would supply the staking infrastructure for the Dutch exchange in 2021, drawing large investments from companies like Galaxy Digital.Using several proof-of-stake protocols, such as Ethereum, Solana, and NEAR, Bitvavo will stake user assets.
Mark Nuvelstijn, the CEO and co-founder of Bitvavo, emphasized in a statement the exchange’s efforts to evaluate and improve its offerings.The business further stated that Figment is an addition to and a more varied range of pool staking service providers, which already include Kiln, Coinbase, and Copper.According to Nuvelstijn, staking has grown to be a crucial component of the bitcoin market and is a necessary service for the more than 1.5 million consumers that the company serves in the Benelux area.
According to the CEO of Bitvavo, collaborating with Figment would enable the exchange to increase staking security and safety and broaden its offering:
“Figment is one of the staking infrastructure leaders in the market, and we continue to be impressed by their staking- and up-to-date market knowledge.”
The goal of the two teams’ six-month collaboration, according to Figment EMEA CEO Eva Lawrence, is to lead the exchange’s staking services throughout Europe.Access to staking rewards on Bitvavo on recently deployed networks is expected to be made possible by the cooperation.In order to deliver excellent network performance and security for Bitvavo, Figment is also setting up specialized validator nodes.
The Dutch exchange has persisted in taking a methodical approach to growing its presence throughout Europe.After successfully registering with France’s Autorité des Marchés Financiers (AMF) as a digital asset service provider, it announced the availability of services to French users in November 2023.After receiving regulatory authority to provide its services in Austria, Bitvavo expanded into France.In 2022, the exchange extended its service to Italy, and it has since submitted registration requests for more significant European markets.
Previously, during the European Blockchain Convention in Barcelona in October 2023, Nuvelstijn gave an exclusive interview to Cointelegraph in which he expressed his confidence that cryptocurrency companies will be able to provide financial services to financial institutions and vice versa thanks to Europe’s Markets in Crypto Assets (MiCA) framework.