Figure Technologies Launches Blockchain-Based Trading Platform

Figure Technologies, a leading fintech firm headquartered in the United States, has announced its latest venture called Figure Markets. Positioned as a separate entity under the Figure umbrella, Figure Markets aims to revolutionize asset trading through the development of a blockchain-based platform while pioneering regulated security alternatives to stablecoins.

Figure Markets to Extend Blockchain Benefits to Several Assets

At the core of Figure Markets’ mission is the creation of a next-generation trading platform powered by blockchain technology. Leveraging the efficiency, transparency, and security inherent in blockchain, Figure Markets seeks to redefine the way assets are bought, sold, and traded in today’s financial landscape. 

By harnessing the capabilities of distributed ledger technology (DLT), the platform aims to streamline the trading process, reduce friction, and unlock new opportunities for investors worldwide. As such, investors will be able to trade several blockchain-native assets including crypto, stocks, and alternative investments. One of the key focal points of Figure Markets’ vision is the development of regulated security alternatives to stablecoins. 

According to the firm, the new trading platform will leverage the Prevenance blockchain, a leading public Layer-1 for real-world assets.

Figure Markets Raised Funds in its Series A Funding Round

Just before the launch, Figure Markets successfully raised over $60 million in a Series A funding round. Prominent investors like Jump Crypto, Lightspeed Factionk, and Pantera Capital led the round, while Ribbit Capital, CMT Digital, and Distributed Global participated in the funding round

Figure Markets plans to launch a decentralized crypto exchange for custody and a blockchain-native securities marketplace featuring wallets that use Multi-Party Computation (MPC) technology. By establishing Figure Markets as a separate entity, Figure Technologies underscores its dedication to pushing the boundaries of what is possible in the realm of blockchain technology and digital assets.

Financial Players Exploring Blockchain Technology

Last year, the London Stock Exchange Group (LSE Group), one of the most renowned financial institutions globally, announced its plans to revolutionize the trading industry through blockchain innovation. Meanwhile, the LSE Group is not alone in its pursuit of blockchain technology to revolutionize traditional financial markets.

Several key players in the financial industry are actively exploring the potential use cases of blockchain, acknowledging the transformative impact it could have on the sector. One prominent figure endorsing the potential of blockchain technology is Larry Fink, CEO of BlackRock, one of the world’s largest asset management firms. 

In a letter to shareholders, Fink emphasized the concept of tokenizing asset classes as a means of driving capital market efficiencies.