Figure launches new blockchain-focused entity after raising $60 million in Series A

U.S.-based fintech firm Figure Technologies announced today that it is launching a separate company named Figure markets, a “first step” in developing a single platform for investors to trade a wide array of blockchain-native assets including crypto, stocks and alternative investments.

Prior to the launch, Figure Markets raised over $60 million in a Series A funding round led by Jump Crypto, Pantera Capital and Lightspeed Faction, according to its press release. Other participants included Distributed Global, Ribbit Capital and CMT Digital.

“Our goal is to extend the benefits of blockchain to a broader range of assets — including crypto and securities,” said Figure Markets CEO Mike Cagney in the statement. “It’s ironic that the largest crypto exchanges aren’t on blockchain — we aim to change that.”

Figure said the new trading platform will leverage the Provenance blockchain, a network that has accumulated a total value locked of $13 billion, according to its website .

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Figure Markets’ initial plans include a new decentralized custody crypto exchange and a marketplace for blockchain-native securities with wallets that utilize Multi-Party Computation (MPC) technology. As Figure’s decentralized MPC wallets require multi-party approval for every movement, it helps minimize “single-point-of-failure” risks that can be seen in centralized entities, the press release said.

"Over time the intent is to offer trading in a variety of equity, fixed income and crypto products, alternative investment options, utilizing best-in-class cross-collateralization and netting,” the press release said.

Figure said it is also working towards developing a registered security alternative to stablecoins that will be used for its ecosystem.