In the rapidly evolving world of cryptocurrencies, staking has emerged as a transformative force – and few individuals have played a more pivotal role in its rise than Lorien Gabel. As the co-founder and CEO of Figment, one of the largest independent staking providers globally, Gabel has been at the forefront of the proof-of-stake (PoS) revolution since 2018. With a track record spanning decades in internet infrastructure, he recognized early on the immense potential of PoS to reshape the crypto landscape.
Building a Staking Empire
Today, Figment stands as a testament to Gabel’s vision, boasting an impressive $15 billion in staking assets under management and a client base of over 500 institutions. The company’s success can be attributed to its unwavering focus on providing secure, institutional-grade staking infrastructure and services. By enabling users to stake their tokens without relying on centralized exchanges or custodians, Figment has carved out a unique position in the market.
The Asian Frontier
As Figment charts its next phase of growth, Asia has emerged as a key strategic focus. The company opened its Singapore office last year and is rapidly expanding into other major markets like Japan and Hong Kong. Gabel sees immense potential in the region, driven by accelerating institutional adoption of staking, particularly among banks and telecoms.
However, he also acknowledges the challenges of navigating Asia’s diverse regulatory landscapes and business cultures. As Gabel notes:
“Asia isn’t one market — it’s a collection of vastly different economies and regulatory landscapes. Unlike the U.S., where you primarily navigate SEC and CFTC rules, each Asian market has its own regulators and policies.”
To tackle these complexities, Figment has taken a measured approach, starting with a small team in Singapore to gain on-the-ground insights before scaling up. Education also plays a crucial role, with the company investing significant resources into clarifying what staking entails and its advantages over riskier yield-generating alternatives.
Navigating Volatility and Selective Growth
Scaling amidst crypto’s notorious volatility has been another key challenge for Figment. Gabel likens his role to being the “Chief Stoic” – maintaining a steady hand through market euphoria and downturns alike. The company’s rigorous token evaluation process has also been instrumental, with a framework refined over six years to identify the most promising PoS projects.
This selective approach means Figment can only onboard a dozen or so new tokens each year, despite the hundreds clamoring for support. Beyond technical fundamentals, factors like institutional demand, custody support, and the strength of the project’s ecosystem in Asia all influence the final decision. As Gabel explains:
“Occasionally, a major institutional client will request support for a project we might not have otherwise considered — or even heard of — so we conduct an expedited evaluation. In some cases, we’ve had to tell clients no, either because we don’t see the project as legitimate or we suspect it might be a scam. Those are tough conversations, but they’re necessary.”
The Future of Staking
Looking ahead, Gabel is excited by emerging trends like liquid staking and re-staking, spearheaded by projects such as EigenLayer. The potential for bitcoin staking is another area of interest, though demand remains uncertain. From an Asian market perspective, Gabel highlights the rapid growth of new chains like BeraChain, which is quickly amassing users in the region.
Ultimately, Gabel sees staking as crypto’s equivalent of a 10-year Treasury bond – a stable, reliable option for investors prioritizing security over the high-risk, high-reward world of DeFi. As institutional adoption continues to gain steam in Asia and beyond, Figment is well-positioned to play a leading role in the next chapter of the staking story.
With Gabel at the helm, the company remains steadfast in its mission to provide the infrastructure for a new era of decentralized networks – one stake at a time. As he prepares to take the stage at Consensus Hong Kong, the crypto world will be eagerly watching to see what insights and announcements Figment’s visionary leader has in store.
