Figure Markets Aims to Revolutionize Crypto Trading with Blockchain Integration

Figure Technologies has launched Figure Markets, a new company aimed at creating a comprehensive platform for trading various native blockchain assets, including cryptocurrencies, stocks, and alternative investments. Figure Markets has secured over $60 million in Series A funding, with plans to leverage the Provenance blockchain and implement decentralized custody crypto exchange and blockchain-native securities marketplace. The platform will utilize Multi-Party Computation (MPC) technology for enhanced security and aims to offer trading in a range of financial products, including equity, fixed income, crypto, and alternative investments, using cross-collateralization and compensation.

Will Figure Markets Revolutionize Crypto Trading?

Figure Technologies, the US fintech firm, has unveiled Figure Markets, a standalone entity that aims to establish a comprehensive platform for investors to trade a diverse range of blockchain-native assets. The new venture has already secured over $60 million in Series A funding from prominent investors such as Jump Crypto, Pantera Capital, and Lightspeed Faction.

Leveraging Blockchain for Diverse Assets

Mike Cagney, CEO of Figure Markets, highlights the company's mission to expand blockchain's benefits to a wider range of assets, including cryptocurrencies and securities. "It's paradoxical that the largest crypto exchanges are not on the blockchain," he remarks. "We intend to rectify that."

Provenance Blockchain as the Foundation

Figure Markets plans to utilize the Provenance blockchain, a network with a total locked value of $13 billion, as the foundation for its trading platform. This move signals the company's commitment to blockchain technology and its potential to enhance security and transparency.

Decentralized Custody and Marketplace

Figure Markets aims to introduce a decentralized custody crypto exchange and a marketplace for blockchain-native securities. Its wallets will employ Multi-Party Computation (MPC) technology, which requires multiple parties to approve each transaction. This approach minimizes the "single point of failure" risks associated with centralized entities.

Expanding Product Offerings

Over time, Figure Markets intends to offer trading in various equity, fixed income, and crypto products, along with alternative investment options. The platform will leverage cross-collateralization and compensation to optimize risk management.

Stablecoin Alternative in Development

Figure is also developing a registered security alternative to stablecoins, which will be utilized within its ecosystem. This move demonstrates the company's commitment to providing innovative solutions that address the evolving needs of the crypto market.

Conclusion

Figure Markets' launch marks a significant step in the evolution of crypto trading. By leveraging blockchain technology and implementing robust security measures, the platform aims to provide investors with a comprehensive and secure environment for trading a wide range of blockchain-native assets. Whether Figure Markets can successfully challenge the dominance of existing crypto exchanges remains to be seen, but its ambitious plans certainly have the potential to disrupt the industry.