Virtune Offers Innovative Staking for ETPs with Figment Inc.

GlobeNewswireMay 27, 20245 min

Virtune AB (Publ) (“Virtune”), a leading digital asset manager based in Stockholm, is pleased to announce an agreement with a second staking provider, the premier staking provider Figment Inc. . This agreement is set to enhance Virtune’s staking Exchange-Traded Products (ETPs), specifically the Virtune Staked Polkadot ETP and Virtune Staked Solana ETP.

Virtune’s staking ETPs enable investors to receive staking rewards on a daily basis which are reflected in the performance of the staking ETP. This is being made without any lock-up period for the investors in the ETPs, which can otherwise be the case when staking crypto assets.

Virtune’s innovative product portfolio currently includes five staking ETPs. These are Virtune Staked Ethereum ETP, Virtune Staked Solana ETP, Virtune Staked Polygon ETP, Virtune Staked Cardano ETP and Virtune Staked Polkadot ETP.

Initiated on February 2, 2024, this arrangement reaffirms Virtune’s dedication to advancing its staking capabilities within its crypto ETPs. Recognized globally for its staking services, Figment supports a broad range of clients, including major custody institutions, cryptocurrency exchanges, ETP providers and asset managers.

Through this agreement, Virtune will utilize Figment’s expertise to deliver efficient and robust staking solutions, and work alongside Virtune as they continuously evolve their product offerings.

“We have been impressed by Virtune’s growth in the Nordic market and are pleased to be powering the staking for Virtune’s ETPs. We look forward to continuing to work with Virtune as they develop and broaden their ETP offering in the Nordics and beyond” – Eva Lawrence, Head of EMEA, at Figment.

Enhancing Blockchain Integrity through Staking
Staking plays an essential role in the functionality of Proof of Stake (PoS) blockchains, such as Solana and Polkadot. It enables cryptocurrency holders to earn rewards by contributing to the validation and verification of transactions. This mechanism not only assures the security and authenticity of transactions but also rewards participants with rewards in the staked cryptocurrency. Given the technical and financial requisites for acting as a validator, numerous investors prefer to engage with trusted staking providers like Figment for their staking solutions.

Virtune’s Assurance of Secure and Non-Custodial Staking
Virtune remains steadfast in its commitment to security and trust, employing a non-custodial staking approach. This strategy ensures that cryptocurrencies allocated for staking are managed directly from secure, offline storage solutions, notably through custodian services like Coinbase, negating the need to transfer or lend assets to any third party.

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