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Figure Raises $60 Million in Series A Funding to Launch Blockchain-Focused Company

Jonathan Wong

Jonathan Wong

17 March 2024

Figure Technologies, a leading U.S.-based fintech company, has unveiled its latest venture, Figure Markets, signaling its entry into the blockchain space. Figure Markets aims to revolutionize trading by providing a single platform where investors can access a diverse array of blockchain-native assets, including equities, cryptocurrencies, and alternative investments.

Before its official launch, Figure Markets secured over $60 million in Series A funding, with prominent investors such as Jump Crypto, Pantera Capital, and Lightspeed Faction leading the fundraising round. Other participants included Distributed Global, Ribbit Capital, and CMT Digital, reflecting strong investor confidence in the venture.

According to Figure Markets CEO Mike Cagney, the objective is to leverage blockchain technology to democratize access to a broader range of assets, bridging the gap between traditional securities and cryptocurrencies. By building a platform that operates on the Provenance blockchain, Figure Markets aims to address existing inefficiencies in the cryptocurrency exchange landscape.

The new trading platform is set to introduce innovative features, including a marketplace for blockchain-native securities and decentralized custody crypto exchange, powered by Multi-Party Computation (MPC) technology. Figure's decentralized MPC wallets enhance security by minimizing the risk of single-point-of-failure inherent in centralized entities, ensuring robust protection for users' assets.

Figure Markets' vision extends beyond traditional asset classes, aiming to provide trading options for equity, fixed income, and cryptocurrency products, alongside alternative investment offerings. Leveraging cross-collateralization and netting mechanisms, the platform aims to optimize trading efficiency and liquidity.

Additionally, Figure is pioneering the development of a registered security substitute for stablecoins, further enhancing the ecosystem's integrity and compliance with regulatory standards. With a commitment to innovation and inclusivity, Figure Markets seeks to redefine the landscape of blockchain-based trading platforms, empowering investors worldwide.