Draft:Figure Markets

Submission declined on 19 November 2024 by KylieTastic (talk).

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Declined by KylieTastic 3 seconds ago. Last edited by KylieTastic 3 seconds ago. Reviewer: Inform author.

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Figure Markets is a self-custody trading platform that enables users to trade and manage a variety of asset classes, including cryptocurrencies and bankruptcy creditor claims. Built on the Provenance Blockchain, the platform aims to merge decentralized and traditional finance by offering secure and transparent trading solutions. Branded as the "Exchange for Everything," Figure Markets plans to expand its offerings to include stocks, bonds, and credit.

History and Founding

Figure Markets was founded by Mike Cagney and June Ou as a spinout from Figure Technologies^[1], a fintech company leveraging blockchain to address challenges in the financial industry. Cagney, the CEO, previously co-founded SoFi and Figure Technologies, pioneering blockchain applications in financial services. Ou brings expertise in fintech development and platform design, focusing on user-centric financial solutions.

In March 2024, the company received a $60M series A investment led by Jump Crypto, Pantera Capital, and Lightspeed Faction.^[2] Figure Markets is also backed by Distributed Global NewForm Capital, and CMT Digital.

Features

Self-Custody: Figure Markets uses decentralized Multi-party Computation (MPC) wallet technology^[3] to allow users full control over their assets, reducing risks of centralized custody failures.
Diverse Asset Classes: The platform supports trading in cryptocurrencies and bankruptcy creditor claims, with plans to include stocks, bonds, and credit.
Liquidity: Strategic partnerships, including with Jump Trading, provide robust liquidity and efficient markets.
Competitive Yield: The "Forward Vault" feature offers up to 8% APY^[4] on stablecoin balances by leveraging real-world assets like home equity loans, combining stability with blockchain efficiency.
Crypto-Backed Loans: The platform offers crypto-backed lending, allowing users to access liquidity by borrowing against their cryptocurrency holdings. This feature enables users to secure instant funds without selling their assets, providing flexibility for financial needs such as debt consolidation or investment opportunities.

References

^ "Figuring Out the Future with Figure". www.figuremarkets.com. Retrieved 2024-11-19.
^ Strack, Ben (2024-03-18). "Figure raises $60M in bid to build a 'differentiated' crypto exchange". Blockworks. Retrieved 2024-11-19.
^ "Delivering on the potential of MPC technology". www.figuremarkets.com. Retrieved 2024-11-19.
^ "Delivering on the potential of MPC technology". www.figuremarkets.com. Retrieved 2024-11-19.

Category:Cryptocurrency exchanges

[1] "Figuring Out the Future with Figure". www.figuremarkets.com. Retrieved 2024-11-19.

[2] Strack, Ben (2024-03-18). "Figure raises $60M in bid to build a 'differentiated' crypto exchange". Blockworks. Retrieved 2024-11-19.

[3] "Delivering on the potential of MPC technology". www.figuremarkets.com. Retrieved 2024-11-19.

[4] "Delivering on the potential of MPC technology". www.figuremarkets.com. Retrieved 2024-11-19.

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