Figure Technologies made a significant announcement today regarding the establishment of Figure Markets, marking the initial phase in its endeavor to create a unified platform for trading a diverse array of native assets, including cryptocurrencies, stocks, and alternative investments.
Securing Substantial Funding
Prior to its launch, Figure Markets successfully raised over $60 million in a Series A funding round. The financing round was spearheaded by prominent investors such as Jump Crypto, Pantera Capital, and Lightspeed Faction. Additional participants included Distributed Global, Ribbit Capital, and CMT Digital.
Vision for the Future
Mike Cagney, CEO of Figure Markets, articulated the company’s vision in a press release, emphasizing its commitment to extending the benefits of blockchain technology to a wider spectrum of assets, encompassing both cryptocurrencies and securities. Cagney highlighted the irony of major crypto exchanges operating outside the blockchain and expressed Figure Markets’ determination to rectify this disparity.
Utilizing Provenance Blockchain
Figure disclosed that its new trading platform would leverage the Provenance blockchain. Notably, the Provenance network boasts a significant total locked value amounting to $13 billion, as indicated on its official website.
Innovative Features of Figure Markets
The inaugural plans for Figure Markets encompass the establishment of a decentralized custody crypto exchange and a marketplace dedicated to blockchain-native securities. These initiatives will be supported by wallets employing Multi-Party Computation (MPC) technology. By requiring approval from multiple parties for each transaction, Figure’s decentralized MPC wallets mitigate the risks associated with single points of failure commonly observed in centralized entities.
Expansion of Offerings
Looking ahead, Figure aims to broaden its product offerings progressively. The company plans to facilitate trading in various asset classes, including equity, fixed income, and crypto products. Additionally, it intends to incorporate alternative investment options into its platform, leveraging best-in-class cross-collateralization and compensation mechanisms.
Registered Security Alternative
Furthermore, Figure is actively developing a registered security alternative to stablecoins. This innovative solution is envisioned to serve as a cornerstone within its ecosystem, offering enhanced stability and regulatory compliance.
Conclusion
The establishment of Figure Markets heralds a new era in asset trading, characterized by innovation, inclusivity, and technological advancement. With its pioneering approach and strategic vision, Figure Technologies is poised to redefine the landscape of digital asset markets, offering investors unparalleled opportunities for diversification and growth.
