Figment Capital, a crypto investment firm and a subsidiary of staking infrastructure provider Figment, is launching its second fund.

The firm did not disclose the size of the fund, but a source with direct knowledge of the matter told The Block that the fund is targeting a raise of $50 million and that the first close has already been completed.

James Parillo, managing partner at Figment Capital, told The Block in an interview that more decentralized infrastructure is needed after the troubles in the crypto industry last year that saw the collapses of FTX, Celsius and BlockFi.