Figment Acquires Rated Labs to Bolster Staking Data for Institutional Clients

Figment, a major player in blockchain staking services, has acquired Rated Labs, a blockchain analytics firm known for its validator performance data. The value of the acquisition wasn’t revealed.

The Toronto-based firm, which manages over $18 billion in staked assets, says the move will help its clients, mainly exchanges, custodians, and asset managers, make better staking decisions through stronger data transparency.

Rated, based in the U.K. and founded in 2022, provides tools like the Rated Explorer and data APIs to track staking performance across 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 like Cosmos and Solana.

In a statement shared with CoinDesk, Figment’s Chief Product Officer Andrew Cronk said that “transparent and reliable data remains the foundation of trust,” especially as staking becomes a bigger part of institutional portfolios.

Figment plans to keep the Rated Explorer site live and will review enterprise API offerings with customers over the next 30 to 45 days.

The deal is part of a broader wave of crypto consolidation, driven in part by a more favorable U.S. 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 isn’t seeking outside funding and has ruled out a sale. Its CEO Lorien Gabel, who previously founded three startups, said he’s 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.