Figment, a major player in blockchain staking services, acquired Rated Labs, a blockchain analytics firm known for its validator performance data. The value of the acquisition was not disclosed.
The Toronto-based firm, which manages more than $18 billion in assets at stake, says the move will help its clients, primarily exchanges, custodians and asset managers, make better decisions through greater data transparency.
Based in the UK and founded in 2022, Rated provides tools such as Rated Explorer and data APIs to track staking performance on networks including Ethereum, Solana, Cosmos and others.
The move marks a significant step in Figment’s push to spend up to $200 million on acquisitions focused on regional players and networks such as Cosmos and Solana.
In a statement shared with CoinDesk, Figment Chief Product Officer Andrew Cronk said that “transparent and trusted data remains the foundation of trust,” especially as staking becomes a larger part of institutional portfolios.
Figment plans to keep the Rated Explorer site active and will review enterprise API offerings with customers over the next 30 to 45 days.
The deal is part of a broader wave of cryptocurrency consolidation, driven in part by a more favorable US regulatory climate. Recent high-profile transactions include Kraken’s $1.5 billion acquisition of NinjaTrader and Ripple’s $1.25 billion purchase of Hidden Road.
Despite the flurry of activity, Figment is not seeking outside funding and has ruled out a sale. Its CEO, Lorien Gabel, who previously founded three startups, said he is committed to building Figment independently.
“I’d rather go to zero,” he said earlier this year. The company has raised $165 million to date, with backers including Thoma Bravo, Morgan Stanley and Franklin Templeton, according to data from TheTie.
