(Bloomberg) -- Crypto staking services provider Figment has raised $50 million in a new funding round for hiring and business expansion.

The series B round was led by Senator Investment Group and Liberty City Ventures, according to a company statement on Monday. Mike Novogratz’s Galaxy Digital, crypto platform Anchorage as well as investment firms Declaration Partners and Bonfire Ventures also participated in the fundraising. The round values Figment at about $500 million, a person familiar with the matter said.

Figment works to support the adoption and growth of the Web 3 ecosystem. It stakes yield-generating assets on behalf of more than 100 institutions, and this year reached over $7 billion in digital assets staked to its infrastructure. The company plans to use the proceeds to boost its headcount and further expand its services, according to the statement.

“This funding round marks the start of a new chapter at Figment that aligns with the evolution of the industry,” Figment Chief Executive Officer and co-founder Lorien Gabel said in a statement.

Proof of stake involves an entity mining or validating block transactions according to how many coins or tokens they hold. “Proof of stake and the ability to earn yield will be an important catalyst in driving further institutional interest in the digital asset industry,” Galaxy’s Novogratz said.

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