Figure Technologies’ Figure Markets promotes “everything marketplace”
Figure Technologies, a well-known financial technology business in both the home equity and blockchain spaces, has launched Figures Market. In a Series A funding round, Figure Markets accumulated more than $60 million. Pantera Capital, Jump Crypto, and Lightspeed Faction led the oversubscribed round, which also included Ribbit Capital, Distributed Global, and CMT Digital, among others. The goal of the new firm called Figure Markets is to create a “everything marketplace,” where investors can trade cryptocurrencies, securities, and alternative investments all on one platform using blockchain technology.
Dan Morehead, founder and managing partner of Pantera Capital, will become a member of the Figure Markets board of directors as a component of the funding round. Equipped with Multi-Party Computation (MPC) technology, Figure Markets intends to construct a new decentralized custody cryptocurrency exchange and blockchain-native security marketplace.
Wallets based on MPC are highly sought after after the crypto storms. Using cryptographic security keys for non-custodial functionality, they address the single-point-of-failure problems that plague many centralized exchanges. The MPC wallets from Figure Markets run on a decentralized network where private keys are shared, making each transaction require approval from multiple parties. This technique reduces counterparty risk while ensuring consumers’ continued ownership over their assets. Crypto wallets, widely utilized in financial institutions and government entities, are effective at adding an extra degree of security.
Under the leadership of CEO Mike Cagney and June Ou, Figure Markets is constructing offshore and onshore decentralized cryptocurrency and securities marketplaces using the Provenance Blockchain. Provenance Blockchain is a version of the blockchain that is dedicated to financial transactions. Since Provenance Blockchain’s inception in 2018, it has documented more than $30 billion worth of tangible assets. Figure Markets will function independently from Figure Lending. The integrated platform of Figure Markets will offer trading in a wide range of equities, fixed-income, and cryptocurrency products, as well as easy lending and borrowing choices.
In order to bolster the Figure Markets ecosystem, the organization is concurrently developing a registered security substitute for stablecoin.
In the opinion of Mike Cagney, this funding validates Figure Markets’ mission to revolutionize capital markets through the use of blockchain technology and to apply its benefits to a wider variety of assets, including cryptos and securities. By effectively resolving market structure concerns, the organization’s inventive implementation of MPC technology ensures a more secure and streamlined future for digital assets. As physical assets transition to the blockchain, Banafsheh Fathieh, general partner and co-founder of Faction, believes blockchain technology will propel the next iteration of financial innovation. Pantera Capital is ecstatic to provide Figure Markets with its aid as it advances toward the next logical level of financial services.
