Institutional Staking Provider Figment has expanded its integration with Coinbase, allowing institutional clients to exchange a wider range of proof-of-stake (POS) assets directly from coinbase custody—a move that could drive adoption beyond Ethereum.
Through the integration, Coinbase Prime Customers can now use Figment’s staking infrastructure to access additional POS networks, including Solana (Sol), Sui (Sui), Apartments (Apt), Avalanche (Avax) and others, the companies announced Tuesday.
The partnership, which began in 2023, has facilitated more than $2 billion in staked assets through Coinbase Prime.
Coinbase Prime serves institutional investors with a full-service Crypto Prime Brokerage, offering trading, financing and custody for more than 440 digital assets across dozens of blockchains.
Figment currently has $18 billion in assets under stake across more than 40 protocols.
Related: Coinbase Stock Surge after JPMorgan upgrades base, USDC potential
Crypto ETFs have arrived in the US
The announcement follows the launch of several US exchange-traded funds (ETFs) this month, including the bitwise Solana Staking ETF (BSOL), which offers exposure to Solana Staking.
Grayscale also announced plans to introduce staking for Ethereum and Solana products. Earlier this month, the asset manager Staked $ 150 million ether value (Eth) as part of its effort to enable investors to earn rewards from their holdings.
These developments come just months after the US Securities and Exchange Commission (SEC) that some liquid staking activities Do not generate security transactionsplacing them outside the agency’s jurisdiction.
Before that decision, asset managers including Vaneck, Bitwise and Jito Labs urged the securities regulator to clarify its stance and approve staking mechanisms for Solana-based ETFs.
SEC Chair Paul Atkins said the order marked a “significant step forward in clarifying the staff’s view regarding crypto asset activities that do not fall within the SEC’s purview.”
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Related: SEC ends ‘regulation by enforcement,’ calls tokenization ‘change’
