Figment, a major player in blockchain staking services, has acquired Rated Labs, a blockchain analytics firm known for its validation data. The value of the purchase was not disclosed.
The Toronto-based firm, which manages over $18 billion in pledged assets, says the move will help its clients, primarily exchanges, custodians and asset managers, make better investment decisions through stronger data transparency.
Rated, based in the UK and founded in 2022, provides tools like Rated Explorer and data APIs to track stake 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, focusing on regional players and networks like Cosmos and Solana.
In a statement shared with CoinDesk, Figment’s Chief Product Officer Andrew Cronk said “transparent and reliable data remains the foundation of trust,” especially as leverage becomes a larger 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, fueled in part by a more favorable US regulatory climate. Recent high-profile transactions include Kraken’s purchase of NinjaTrader for $1.5 billion and Ripple’s purchase of Hidden Road for $1.25 billion.
Despite the rampant activity, Figment is not seeking external 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.
