Middle Eastern Expansion by Figment Bolstered with Key Hire, Guided by Strategic Alliance, and Elevated by Growing Institutional Requirements
Figment, a leading institutional staking provider, has announced a significant expansion into the Middle East to address the growing institutional demand for compliant blockchain staking solutions. The move is marked by a strategic partnership with Tungsten, a UAE-based custody provider, and the appointment of Christoph Richter as the company's first Head of Business Development in the region.
Tungsten, recognized for its strong industry position and regulatory standing, operates with licensing from the Abu Dhabi Global Market (ADGM). This partnership enables Figment to offer enhanced, non-custodial staking services to clients throughout the UAE and the broader MENA region.
Christoph Richter, a seasoned professional with nearly two decades of traditional finance experience, will lead business development and strategic partnerships for Figment in the Middle East. He has worked with top-tier firms and co-founded the proprietary BTC and ETH trading venture Vol Capital. In his most recent TradFi role, he led derivative solutions for Southern Europe and DACH at MUFG.
Richter's appointment and the partnership with Tungsten aim to expand compliant staking access across the UAE and the broader MENA region. Richter, based in the UAE and fluent in five languages, brings a truly global perspective to Figment's regional growth.
The expansion reflects increased institutional interest in regulated, reward-generating digital asset strategies, leveraging both local expertise and established regulatory frameworks. Christoph Richter stated that staking is becoming a core strategy due to inflation-beating rewards and rising institutional digital asset allocations.
The MENA region is ready for staking as a core strategy, according to Richter. Figment's regional push is driven by growing demand for compliant, reward-generating solutions aligned with long-term digital asset investment strategies. Through the Figment Middle East expansion, the company strengthens its global presence and client service capabilities.
The partnership with Tungsten cements Figment's leadership as the most trusted institutional staking provider. This move underscores Figment's commitment to investing in local leadership and strategic infrastructure tailored to the needs of the region.
[1] Figment Press Release: Figment Announces Partnership with Tungsten for Enhanced Staking Services in the Middle East (2022) [2] Figment Press Release: Figment Appoints Christoph Richter as Head of Business Development for Middle East Expansion (2022) [4] Figment Website: Figment Expands into the Middle East (2022)
- Figment's partnership with Tungsten, a UAE-based custody provider operating under the regulatory oversight of Abu Dhabi Global Market (ADGM), allows Figment to extend their non-custodial staking services to clients throughout the UAE and the broader MENA region.
- Christoph Richter, appointed as the first Head of Business Development for Figment in the Middle East, brings his extensive experience in traditional finance, particularly in the areas of BTC and ETH trading, derivative solutions, and global strategic partnerships, to leverage the rapidly growing demand for compliant, reward-generating digital asset staking solutions across the MENA region.
