Figment, a leading independent provider of institutional staking infrastructure, is significantly expanding its presence in the Middle East. The move comes amidst accelerating digital asset adoption across the region and is marked by a strategic new hire and a crucial partnership.
Christoph Richter has been appointed as Figment’s first Head of Business Development in the Middle East, and he will be the company’s first on-the-ground employee in the region. This expansion also includes a key partnership with ‘Tungsten’, a UAE-based custody provider renowned for its institutional digital asset services.
The collaboration with Tungsten leverages the firm’s established position and existing licensing within the Abu Dhabi Global Market (ADGM). This will enable Tungsten to offer enhanced, non-custodial staking options to its clients, powered by Figment’s robust infrastructure. This partnership represents a significant step towards broadening compliant staking access throughout the UAE and the wider Middle East and North Africa (MENA) region.
Tapping into regional demand
“Staking can be understood as earning the risk-free rate on proof-of-stake networks like ETH and SOL,” explained Christoph Richter. “With inflation-beating rewards and rising institutional digital asset allocations, staking is becoming a core strategy – and the MENA region is ready.”
Figment’s formal entry into the Middle East is a direct response to the escalating demand for compliant, reward-generating solutions that align with long-term digital asset investment strategies.
Eva Lawrence, Figment’s Head of EMEA & Regional MD, emphasized the region’s potential. “The Middle East is uniquely positioned to benefit from institutional staking,” she stated. “With Christoph’s deep background in traditional finance and digital assets, he’s perfectly placed to lead our growth in this high-potential market.”
Richter’s extensive background
Richter will report to Eva Lawrence and will be responsible for leading business development and strategic partnerships. He brings nearly two decades of experience from traditional finance (TradFi) derivatives, having held senior roles at prestigious institutions such as JP Morgan, Barclays, BNP Paribas, and UBS. His most recent TradFi position involved leading derivative solutions for Southern Europe and DACH at MUFG.
Since entering the digital asset industry in 2017, Richter has advised top-tier firms and co-founded Vol Capital, a proprietary BTC & ETH trading venture focused on building market-neutral quantitative investment strategies. His experience also includes working on major infrastructure Public-Private Partnerships across the Middle East, particularly in Saudi Arabia, which has fostered strong ties with key regional players and capital markets. Now based in the UAE and fluent in five languages, Richter’s global perspective is expected to significantly contribute to Figment’s regional growth.
This strategic move reinforces Figment’s ongoing global expansion across EMEA, the Americas, and APAC, reflecting increasing institutional demand for secure and regulatory-aligned staking solutions. The appointment of Christoph Richter and the partnership with Tungsten underscore Figment’s commitment to investing in local leadership and tailored strategic infrastructure to meet the specific needs of the Middle East market.
