Pioneering Secure Staking Solutions in the Middle East

Dubai, UAE, October 18, 2024 – Tungsten, a ground-breaking provider of secure asset custody solutions, announced today its partnership with Figment, the leading provider of institutional staking infrastructure. This partnership will bring enterprise-grade staking to Tungsten’s custodial clients in the Middle East for Ethereum (ETH), with more networks coming soon. 

“As Co-Founder of Tungsten Custody Solutions LTD, we are proud to extend our trusted digital asset services into the realm of institutional-grade staking. Our partnership with Figment enables us to bring secure, compliant, and innovative ETH staking solutions to the MENA region. By combining our expertise in digital asset custody with Figment’s infrastructure, we are positioned to provide institutions the confidence they need to participate in staking while adhering to the highest standards of security and regulatory requirements.” — Jose Aguinaga, Co-Founder of Tungsten Custody Solutions LTD

“Figment is thrilled to be partnering with Tungsten as the infrastructure provider powering their ETH staking launch. Both teams are the premier providers for institutions in our respective areas and our collaboration will bring institutional-grade staking to the Middle East. We look forward to working with Jose and the team as this partnership grows over the coming months.” — Eva Lawrence, Head of EMEA at Figment. 

What are the Benefits of Staking with Tungsten and Figment?

• Enterprise-Grade Staking: Tungsten’s institutional clients will have access to staking on the ETH Proof-of-Stake blockchain, with more networks to come, allowing their businesses to generate staking rewards. 
• A Regulated and Secure Environment: Tungsten operates under the rigorous standards of the Financial Services Regulatory Authority (FSRA) and utilises military-grade hardware security modules (HSMs) and best-in-class IT security protocols. Combined with Figment’s certified infrastructure backed by SOC 2 Type II and ISO 27001 certifications, this collaboration will bring unparalleled security and reliability to Tungsten’s clients. 
• Unmatched Experience: Through this integration, Tungsten’s clients will gain Figment’s deep protocol expertise, enabling consistent and reliable rewards through a ‘Safety Over Liveness’ strategy.

Growth in the Staking and Digital Asset Industry within MENA

The Middle East and North Africa (MENA) region is rapidly emerging as a key player in the global digital assets ecosystem. With progressive regulatory frameworks, such as Abu Dhabi’s FSRA and Dubai’s Virtual Asset Regulatory Authority (VARA), the region has positioned itself as a hub for innovation in blockchain and decentralized finance (DeFi).

Digital assets adoption and product offerings, including staking services, are gaining momentum as institutions recognize the potential for generating staking rewards while maintaining regulatory compliance. This growth is fueled by strong government support, a surge in institutional demand, and the strategic efforts of regional players to diversify their holdings in fintech and digital asset strategies.

Tungsten and Figment’s collaboration leverages this expanding market by offering secure, regulated staking services that meet the unique needs of MENA’s institutional clients. As the digital asset sector continues to evolve in the region, this partnership aims to provide trusted, scalable solutions for funds and institutions and to participate in staking.

About Tungsten

Established, managed, and regulated within the UAE, the Further Ventures studio created Tungsten aligning with Abu Dhabi’s 2030 strategic vision’s digital asset ambitions. Tungsten furnishes institutions with a premier platform for the safeguarded and regulatory-compliant safeguarding of their virtual assets, supported by a cadre of seasoned professionals dedicated to pioneering advancements in virtual asset oversight.

Beyond merely offering secure storage solutions, Tungsten is a reliable conduit for institutional transactions, ensuring the meticulous execution of each operation. The company prides itself on its capacity to mitigate a broad spectrum of risks – spanning security, regulatory compliance, to geopolitical dynamics – through its vigilant execution of transfers, thereby embodying a benchmark in virtual asset management and transactional integrity.

Tungsten Custody Solutions Ltd. is regulated by the ADGM Financial Services Regulatory Authority with Financial Services Permission Number 220129.

For more information, please visit tungsten.ae.

About Figment

Figment is the leading provider of staking infrastructure. Figment provides a comprehensive staking solution to over 500 institutional clients, including asset managers, exchanges, wallets, foundations, custodians, and large token holders, to earn rewards on their digital assets. On Ethereum, Figment is the largest non-custodial staking provider of staked ETH on Figment validators. Figment’s institutional staking service offers seamless point-and-click staking dashboard, portfolio reward tracking, API integrations, audited infrastructure, and slashing protection. This all leads Figment’s mission to support the adoption, growth, and long-term success of the digital asset ecosystem.

For more information, please visit figment.io.

This information is provided for general informational purposes only and should not be considered legal, business, tax, or investment advice. Figment undertakes no obligation to update the information herein.