Bitvavo partners with Figment to offer multiple token staking services to users

Last updated: May 1, 2024 4:20 pm EDT | 3 minute read

Bitvavo, the Amsterdam-based cryptocurrency exchange known as the largest spot EUR exchange globally, announced on May 1 a strategic collaboration with Figment, a leading staking infrastructure provider. The partnership sees Bitvavo leverage Figment’s institutional-grade infrastructure to power its staking services.

By combining their expertise and resources, both entities seek to enable new features and improve the overall user experience. Thanks to Bitvavo’s broad reach and Figment’s proven expertise in staking infrastructure, the collaboration is poised to reshape the landscape of staking services in Europe.

Bitvavo partners with Figment to improve staking services across multiple networks

According to the announcement, Figment, which received large investments from industry giants such as Galaxy Digital in 2021, revealed that it will provide the staking infrastructure for the Dutch exchange. Bitvavo will use Figment’s infrastructure to offer staking services across multiple networks, including Ethereum (ETH), Solana (SOL), and NEAR, among others.

As a major cryptocurrency exchange in Europe with access to over 250 crypto assets and around 1.5 million users, Bitvavo stands out as a market leader. The exchange is registered with the Dutch Central Bank, offering a safe trading environment with robust regulatory oversight.

Key features of the protocol staking service offered through Bitvavo and Figment include access to staking rewards on newly launched networks, dedicated validation nodes to ensure improved network performance and security, and advanced reporting capabilities for oversight and transparency.

Bitvavo customers will benefit from Figment’s engineering and protocol expertise, while earning consistent staking rewards through Figment’s “Safety Over Liveness” approach. Figment’s best-in-class staking infrastructure is supported by certifications such as SOC 2 Type I and ISO 27001, providing additional peace of mind through robust risk coverage and risk reduction.

Mark Nuvelstijn, CEO of Bitvavo, expressed the exchange’s commitment to continuous improvement, stating: “We view staking as an integral part of the cryptocurrency industry and are happy to continue offering this service to our customers with Figment as one of the our esteemed and trusted partners.”

He said Figment’s involvement represents an expansion and diversification of Bitvavo’s pool of staking providers, which already includes Coinbase, Copper and Kiln. Nuvelstijn highlighted the growing importance of staking in the cryptocurrency industry, noting that it has become an essential service for Bitvavo’s large customer base, which includes more than 1.5 million users across the Benelux region.

According to Nuvelstijn, the collaboration with Figment allows Bitvavo to offer additional security and protection regarding staking, while expanding its service offering. He praised Figment as one of the leaders in infrastructure staking, praising its experience and up-to-date knowledge of the market.

Eva Lawrence, head of EMEA at Figment, echoed Nuvelstijn’s sentiments, expressing excitement at complementing Bitvavo’s staking service with Figment’s infrastructure

“We were extremely impressed with the speed and innovation of the new network offerings,” Lawrence said

Bitvavo expands strategic presence in Europe, aiming for a favorable regulatory environment for the adoption of cryptocurrencies

Bitvavo has advanced a strategic expansion plan across Europe, taking advantage of the continent’s increasingly favorable regulatory landscape. With the implementation of cryptocurrency markets (Not) regulationEurope has become an attractive destination for global investors, offering simplified licensing procedures and greater stakeholder protection.

In November 2023, Bitvavo obtained regulatory approval from Franceof the Autorité des Marchés Financiers, allowing the exchange to launch its services for French users. This milestone followed Bitvavo’s successful entry into the Austrian market, further consolidating its position in Europe. Building on its momentum, Bitvavo has already introduced its services in Italy in 2022 and is actively pursuing registration requests in other key European markets.

Mark Nuvelstigen expressed confidence in Europe’s potential to drive global cryptocurrency adoption, citing the region’s unified licensing framework. In this framework, obtaining a single permit allows exchanges to operate seamlessly in multiple European countries, simplifying regulatory compliance.

Nuvelstigen underlined the strategic importance of the French market, highlighting recent studies that indicate a growing interest in digital assets among French citizens. According to a recent survey, cryptocurrencies make up 9% of investment portfolios in France, making it the second most popular asset class in the country.

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