- 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.”
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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