Figure Technologies has announced the launch of Figure Markets, the first step in an ambitious vision for creating an everything marketplace. And 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, and others. Dan Morehead, Founder and Managing Partner of Pantera Capital will join the Figure Markets board of directors in connection with the funding round.
Investors can trade various blockchain-native assets on this single platform, from crypto to stocks to alternative investments. Figure Markets will launch a decentralized custody crypto exchange and blockchain-native security marketplace incorporating Multi-Party Computation (MPC) technology. And 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 allows for decentralized custody, eliminating the need for a central custodian or clearing agent, minimizing counterparty risk, and ensuring users’ continued control over assets.
Headed by Mike Cagney and June Ou, Figure Markets is building on its early success with blockchain and financial products and is now actively developing onshore and offshore decentralized crypto and securities marketplaces. It is utilizing the Provenance Blockchain, a blockchain specifically designed for financial transactions. Over $30 billion 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 have highly liquid markets and easy lending and borrowing options. Over time, the goal is to offer trading in various equity, fixed income, crypto products, and alternative investment options, leveraging cross-collateralization and netting. And Figure Markets is also continuing to work toward a registered security alternative to stablecoin that can support the Figure Markets ecosystem. Figure Markets will let investors manage their portfolio with greater efficiency and flexibility on a regulated, reputable platform.
KEY QUOTES:
“This funding validates our vision to redefine capital markets with blockchain technology. 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.”
– Mike Cagney, CEO of Figure Markets
“I believe Figure Markets is poised to be a disruptive force in the digital assets space. 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.”
– Dan Morehead, Founder and Managing Partner of Pantera Capital
“We believe that blockchain technology will drive the next generation of financial innovation. 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.”
– Banafsheh Fathieh, Co-Founder and General Partner of Faction
