SAN FRANCISCO--(BUSINESS WIRE)--Figure Technologies announces the launch of Figure Markets, the first step in an ambitious vision to create an “everything marketplace”– a single platform where investors can seamlessly trade a wide range of blockchain-native assets from crypto to stocks to alternative investments.
Figure Markets has secured over $60 million in a Series A funding round. The oversubscribed round was led by Jump Crypto, Pantera Capital and Lightspeed Faction with participation from Distributed Global, Ribbit Capital, CMT Digital, among others. As part of the round, Dan Morehead, Founder and Managing Partner of Pantera Capital, will join the Figure Markets board of directors.
Figure Markets will launch a new decentralized custody crypto exchange and blockchain-native security marketplace that incorporates Multi-Party Computation (MPC) technology. MPC-based wallets help eliminate the single-point-of-failure risks inherent in many centralized exchanges. With Figure Markets’ MPC wallets, private keys are distributed across a decentralized network, requiring multi-party approval for every movement. This approach not only allows for decentralized custody – eliminating the need for a central custodian or clearing agent – but also minimizes counterparty risk and ensures users’ continued control over their assets.
Under the leadership of Mike Cagney and June Ou, Figure Markets is building on its early success with blockchain and financial products, now actively developing onshore and offshore decentralized crypto and securities marketplaces. Figure Markets is leveraging the Provenance Blockchain – a blockchain specifically designed for financial transactions. Over $30B USD in real world assets have been recorded on Provenance Blockchain since its launch in 2018. Figure Markets will operate independently of Figure Lending.
Figure Markets’ integrated platform will feature highly liquid markets along with easy options for lending and borrowing. Over time the intent is to offer trading in a variety of equity, fixed income and crypto products, alternative investment options, utilizing best-in-class cross-collateralization and netting. Figure Markets is also continuing to work toward a registered security alternative to stablecoin that can support the Figure Markets ecosystem. All together, Figure Markets will let investors manage their portfolio with greater efficiency and flexibility on a regulated, reputable platform.
“This funding validates our vision to redefine capital markets with blockchain technology,” stated Mike Cagney, CEO of Figure Markets. “Figure Technologies is capturing real benefits by employing blockchain in its lending and capital markets operations. Our goal is to extend the benefits of blockchain to a broader range of assets – including crypto and securities. It’s ironic that the largest crypto exchanges aren’t on blockchain–we aim to change that.”
“I believe Figure Markets is poised to be a disruptive force in the digital assets space,” said Dan Morehead, Founder and Managing Partner of Pantera Capital. “The company’s innovative use of MPC technology addresses critical pain points in the current market structure which contributes to creating a more efficient and secure future for digital assets.”
"We believe that blockchain technology will drive the next generation of financial innovation,” says Banafsheh Fathieh, Co-Founder and General Partner of Faction. "We are at the beginning of a seismic shift in financial markets as real world assets make their way on-chain. We believe Figure is at the forefront of this innovation and are thrilled to support them as they build towards the next logical iteration of financial services.”
To learn more about Figure Markets and join its community, visit our new website at www.figuremarkets.com and follow us @FigureMarkets.
About Figure Markets:
Figure Markets is building the future of private capital markets through blockchain technology. The company’s mission is to develop a highly advanced decentralized financial marketplace where anyone in the world can trade, invest, and grow their wealth. To learn more about Figure Markets, visit our new website, www.figuremarkets.com and follow us @FigureMarkets.
