Competitive Dynamics Among Digital Asset Treasuries

On today’s Talking Tokens episode, Jacquelyn sits down with Lorien Gabel, co-founder and CEO of Figment, a leading non-custodial staking provider supporting over a thousand institutional clients. Figment works with asset managers, custodians, exchanges, foundations, and wallets, helping institutions securely access crypto yield.Lorien shares his journey from building internet infrastructure companies to founding Figment in 2018. They discuss how staking has evolved, why distribution is Figment’s moat, what institutions want from staking, and how regulation is reshaping the industry. Lorien also breaks down misconceptions about custody, the rise of liquid staking, global adoption trends, and why staking may soon become as common as dividends or savings accounts.This episode is sponsored by Across Protocol.Timestamps(00:00) - Intro: Who is Lorien Gabel?

(00:57) - Figment overview: one of the largest non-custodial staking providers

(02:10) - Founding story: co-founders & early staking with Tezos

(03:47) - Differentiation: focusing on institutions & distribution

(05:24) - Lessons from Microsoft/Intel: distribution as a moat

(06:24) - Traits of successful founders: stoicism in volatile markets

(08:47) - Figment’s $1.4B valuation & growth journey

(10:27) - Defining staking clearly: protocol security vs DeFi rewards

(13:10) - Institutions adopting staking via ETFs and treasuries

(15:30) - Why storytelling and scale matter (Saylor effect)

(19:20) - Regulation shifts & U.S. institutions re-entering staking

(22:10) - Liquid staking: benefits, risks & institutional appetite

(24:40) - Global adoption: Europe, Asia, and emerging markets

(27:10) - Future outlook: staking as common as savings accounts

(29:00) - Final advice: treat crypto like a game, stay steady, enjoy itYou can subscribe to the podcast on Spotify, Apple or YouTube. If you like the show, please let us know by leaving a review!Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcast: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokensFollow us on Instagram Talking Tokens: https://www.instagram.com/_talkingtokens/

Note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.