Figment and Coinbase Cloud Collaborate to Support Founding Team of First Ever Institutional Liquid Staking Protocol

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We're excited to announce that Figment, in conjunction with Coinbase Cloud, is supporting a group of experienced founders and operators who have formed Alluvial to build a new enterprise-grade liquid staking protocol that is intended to be governed by a DAO with broad industry participation. The development of this new protocol is a true crypto-native initiative, Alluvial’s mission is to expand the Web3 economy by supporting and securing Proof of Stake protocols.

The initial deployment of institutional liquid staking will run on Ethereum. Coinbase Cloud and Figment will be part of the initial validator set, staking the tokens of whitelisted participants, with other industry-leading operators joining soon. 

Matt Leisinger, former head of liquid staking products at Figment; Nicolas Maurice, former CTO of Kiln Staking-as-a-Service platform; and Mike Taormina, former head of institutional business at the Index Cooperative, make up the founding team of Alluvial, the new software development company behind the project. 

Founded on 3 core principles:

  • Liquidity at Scale
  • Protocol-level Compliance
  • Enterprise-grade Infrastructure and Security


Liquid Staking

Proof of Stake digital assets have become increasingly attractive to institutions looking to integrate digital assets into their portfolios, particularly given their ability to receive network rewards through staking. Most Proof of Stake digital assets are subject to an unbonding period when users decide to unstake. Bonded staking creates liquidity constraints since the asset is untradeable and cannot be used in other DeFi applications.

Liquid staking protocols allow institutions to receive network rewards from their staked digital assets while ensuring that their digital assets are freely tradeable and usable in other DeFi applications. Through liquid staking, protocols like Ethereum can maintain a high level of security while unlocking new liquidity that would otherwise be inaccessible, increasing capital efficiency.

Compliance Baked In

Liquid staking has become an increasingly popular option for token holders looking to receive network rewards on Proof of Stake digital assets. That said, many liquid staking protocols currently do not fit the needs of institutions. The new protocol will launch with a process that allows for KYC/AML checks for institutions, Web3 native enterprises, and other regulated entities to maintain compliance. 

As a non-custodial solution, the protocol is expected to provide more flexibility to institutions by allowing them to take advantage of a truly crypto-native and global liquid staking solution.

Best-in-Class Infrastructure

Figment and Coinbase Cloud are two of the most reliable and highest quality enterprise-grade staking infrastructure providers on the market today. As validators on this new network, Figment and Coinbase Cloud will offer a whiteglove liquid staking solution that will include high-quality support every step of the way, rewards reporting for tax purposes, and distributed deployment through their multi-cloud, multi-region, and client diverse infrastructure stack. 

"The demand for rewards generated by participating in Proof of Stake protocols has exploded in the past two years, but there have been limitations in how institutions can leverage these assets until now. Figment is proud to launch an institutional liquid staking protocol, alongside Coinbase Cloud, with the goal of ushering in the next generation of institutional adoption of Proof of Stake assets." 

- Lorien Gabel, Founder & CEO of Figment

If you're a company or institution interested in learning more about enterprise-grade liquid staking, get in touch with the Figment team.

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