Figure Debuts Crypto-Focused Entity with $60M Series A Funding

Figure Technologies makes a huge move after securing $60M in funding for its new crypto-focused entity.

Guy holding a sack of money showing number one finger gesture,
Created by Kornelija Poderskytė from DailyCoin
  • Figure Technologies has launched a new company.
  • The company secured $60 million in funding before the launch.
  • The company will operate independently of Figure Lending.  

U.S.-based fintech firm Figure Technologies announced on Monday the launch of Figure Markets, a new company with $60 million in funding to build an “everything marketplace” for blockchain-native assets.

Founded by Michael Cagney in 2018, Figure Technologies leverages its Provenance blockchain network for loan origination, equity management, and banking, among other consumer-facing financial solutions. Cagney is also the founder of SoFi, an American online personal finance company.  

The Launch of Figure Markets

According to a press release dated March 18, the launch of Figure Markets is Figure Technologies’ first step in an “ambitious vision” to create a single platform that seamlessly integrates trading a wide range of blockchain-native assets from crypto to stocks to alternative investments.

Sponsored

Before the launch, Figure Markets secured over $60 million in an oversubscribed Series A funding round led by Pantera Capital, Lightspeed Faction, and Jump Crypto, with participation from Distributed Global, Ribbit Capital, CMT Digital, among others.

Figure Markets is keen on launching a new decentralized custody crypto exchange and blockchain-native security marketplace with Multi-Party Computation (MPC) technology post-funding.

“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,” the statement read.

Per the statement, Figure Markets is also working toward a registered security alternative to stablecoin to support the company’s ecosystem as it seeks to create a “more efficient and secure future for digital assets.”

Sponsored

Pantera Capital Founder and Managing Partner Dan Morehead will join the Figure Markets board of directors as part of the funding deal.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.