Figment, a provider of staking infrastructure, is making inroads into Latin America with the opening of a new office in São Paulo, Brazil.
The firm aims to bolster the region’s burgeoning blockchain ecosystem and enhance its institutional staking offerings. Sthefano Batista has been named the Head of Latin America and will report to Josh Deems, Head of Americas, as noted in a company announcement.
Batista brings a wealth of experience from both traditional finance and the digital asset sector, having previously worked at Paradigm, BTG Pactual, and MSCI.
His primary goal will be to strengthen alliances and broaden Figment’s presence in the area.
Staking enables cryptocurrency holders to earn rewards by contributing to the security of blockchain networks. Institutions utilize staking services to engage in blockchain validation without needing to manage the technical aspects.
Figment’s expansion is a direct response to the increasing demand from financial institutions in Latin America.
The Crypto Surge in Latin America
The region has experienced swift adoption of cryptocurrency. A recent analysis reported that Latin America constitutes 9.1% of global crypto transactions, despite having a relatively minor share in global financial markets.
Figment is already catering to institutional clients, including Mercado Bitcoin and Hashdex.
“With Sthefano at the helm of our initiatives, we are well-equipped to broaden our staking services throughout Latin America,” stated Josh Deems.
The local office will facilitate closer collaboration with partners and help navigate the regulatory environment.
Batista highlighted the firm’s dedication to the region, expressing that the aspiration is to create staking opportunities that are advantageous for both institutions and individual crypto enthusiasts.
The São Paulo office will accommodate operational teams, protocol specialists, and market engagement teams as Figment continues its global expansion.