Figment takes over staking services for Dutch exchange Bitvavo

As an experienced analyst, I see the partnership between Bitvavo and Figment as a strategic move that will significantly enhance the Dutch cryptocurrency exchange’s staking services. The collaboration with Figment, a recognized leader in staking infrastructure, will enable Bitvavo to provide additional security and safety around staking while expanding its offering to users across Europe.

As a cryptocurrency analysis specialist at Bitvavo, I am excited to announce that we are partnering with Figment to expand our staking services for our valued institutional clients. Through this collaboration, Bitvavo will leverage Figment’s robust and reliable infrastructure to manage the staking of various tokens on behalf of our users. This alliance not only enhances our offerings but also ensures a secure and trustworthy staking experience for our institutional investors.

As a researcher investigating the latest developments in the cryptocurrency world, I came across an intriguing announcement from Figment. In 2021, this company drew substantial investments, notably from Galaxy Digital. The exciting news they shared was about their intention to offer staking infrastructure for Bitvavo, a Dutch cryptocurrency exchange. With this arrangement, Bitvavo users will have their assets staked across various proof-of-stake protocols such as Ethereum, Solana, and NEAR.

The CEO and co-founder of Bitvavo, Mark Nuvelstijn, shared that the platform is actively working on examining and improving its offerings.

“Nuvelstijn emphasized that staking is now a vital component in the cryptocurrency sector, and this offering is crucial for our clientele of over 1.5 million users spread throughout the Benelux area.”

The Bitvavo CEO expressed that partnering with Figment would enable the exchange to enhance security and ensure safety in staking, as well as broaden its range of services.

“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.”

As a crypto investor, I’ve been following the collaboration between Figment and an European exchange team for the past six months. Our goal is to drive the implementation of staking services for this platform throughout Europe.

Through the collaboration, Bitvavo users will gain the ability to stake rewards on recently introduced networks via Figment’s platform. Additionally, Figment is initiating specialized validator nodes specifically for Bitvavo, ensuring optimal network functionality and security.

As a crypto investor using Bitvago, I’ve noticed that they once partnered with Digital Currency Group (DCG) for their off-chain staking services. In a previous blog post, Bitvago explained how the ripple effect of systemic failures within large cryptocurrency companies affected DCG and its capacity to settle outstanding balances with them.

After the collapse of DCG, Bitvavo entered into several talks regarding the return of the approximately 280 million euros they were owed. A notice from February 2023 indicated that Bitvavo intended to recover between 80% and 100% of the funds that DCG had in their possession when the company went bankrupt.

Bitvavo’s clients were shielded from the losses as the exchange assumed the debt and initiated talks with DCG in their capacity as creditors.

The Dutch exchange has persisted in growing its presence in Europe, making an announcement in November 2023 for the initiation of services catering to French users. Following a successful registration as a digital asset service provider with France’s Financial Markets Authority (AMF).

Bitvavo gained regulatory approval to provide its services in Austria, leading it to expand its operations into France. In the year 2022, the exchange broadened its reach to include Italy. Application processes for offering its services in significant European markets are currently underway.

2024-05-01 17:53

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