Figure Technologies Launches Figure Markets with $60 Million Series A Funding
Figure Markets' initial offerings include a decentralized custody crypto exchange and a marketplace for blockchain-native securities.
Figure Technologies, a U.S.-based fintech company, has announced the launch of a new entity called Figure Markets, aimed at revolutionizing blockchain-based trading platforms for a diverse range of assets. With a focus on providing investors access to crypto, stocks, and alternative investments, Figure Markets marks a step towards democratizing access to blockchain-native assets.
The launch of Figure Markets follows a successful Series A funding round, which saw the company raise over $60 million. Leading the investment were prominent firms such as Jump Crypto, Pantera Capital, and Lightspeed Faction, along with participation from Distributed Global, Ribbit Capital, and CMT Digital. This substantial funding underscores the market's confidence in Figure's vision to redefine the trading landscape through blockchain technology.
CEO of Figure Markets, Mike Cagney, expressed the company's mission to extend the benefits of blockchain to a broader range of assets, including cryptocurrencies and securities. Cagney highlighted the significance of leveraging blockchain for trading, noting that existing crypto exchanges are not built on blockchain technology—a gap that Figure Markets aims to address.
The new trading platform will utilize the Provenance blockchain, renowned for its robust infrastructure and a total value locked of $13 billion. Figure Markets' initial offerings include a decentralized custody crypto exchange and a marketplace for blockchain-native securities. Leveraging Multi-Party Computation (MPC) technology, Figure's decentralized wallets ensure enhanced security by requiring multi-party approval for every transaction, thereby mitigating single-point-of-failure risks associated with centralized entities.
The platform will operate independently of Figure Lending, offering highly liquid markets, easy options for lending and borrowing, and a wide range of trading products including equity, fixed income, and crypto assets. Additionally, Figure Markets is working towards a registered security alternative to stablecoins to support its ecosystem.
With Figure Markets redefining the trading landscape by harnessing the power of blockchain technology, investors can anticipate enhanced accessibility, security, and diversity in asset trading—a significant milestone in the evolution of the financial markets.
