Figure Technologies Announces Formation of Figure Markets for Blockchain Asset Trading

According to PANews, Figure Technologies, a US-based fintech company, has announced the formation of an independent company called Figure Markets. This is the first step in developing a single platform for investors to trade various blockchain-native assets, including cryptocurrencies, stocks, and alternative investments. Prior to its launch, Figure Markets raised over $60 million in a Series A funding round led by Jump Crypto, Pantera Capital, and Lightspeed Faction, with participation from Distributed Global, Ribbit Capital, and CMT Digital. Figure Markets CEO Mike Cagney stated in a release, 'Our goal is to extend the benefits of blockchain to a broader range of assets, including cryptocurrencies and securities. Ironically, the largest cryptocurrency exchanges are not on the blockchain – our goal is to change that.' Figure revealed that the new trading platform will utilize the Provenance blockchain, which, according to its website, has a total locked value of $13 billion. Figure Markets' initial plans include a new decentralized custodial cryptocurrency exchange and a blockchain-native securities market, with wallets employing multi-party computation (MPC) technology. The press release states that due to every action in Figure's decentralized MPC wallet requiring multi-party approval, it helps to minimize the risk of 'single point of failure' incidents in centralized entities. Figure also mentioned that the company is working on developing a stablecoin registered security alternative for its ecosystem.