Figure Markets announced the launch of a new decentralised custody crypto exchange and blockchain-native security marketplace that incorporates Multi-Party Computation (MPC) technology. MPC-based wallets help eliminate the single-point-of-failure risks inherent in many centralized exchanges.
With Figure Markets’ MPC wallets, private keys are distributed across a decentralised network, requiring multi-party approval for every movement. This approach not only allows for decentralised custody – eliminating the need for a central custodian or clearing agent – but also minimises counterparty risk and ensures users’ continued control over their assets.
Figure Markets is building on its success with blockchain and financial products by actively developing onshore and offshore decentralised crypto and securities marketplaces. It leverages the Provenance Blockchain – designed for financial transactions. Over USD 30 billion in real world assets have been recorded on Provenance Blockchain since its launch in 2018. Figure Markets will operate independently of Figure Lending.
Figure Markets’ integrated platform will feature highly liquid markets along with easy options for lending and borrowing. Over time, the intent is to offer trading in a variety of equity, fixed income, crypto products, and alternative investment options, utilising best-in-class cross-collateralisation and netting. The platform is also continuing to work toward a registered security alternative to stablecoin that can support the Figure Markets ecosystem. Altogether, Figure Markets will let investors manage their portfolio with greater efficiency and flexibility on a regulated, reputable platform.
Figure Markets has secured over USD 60 million in a Series A funding round. The oversubscribed round was led by Jump Crypto, Pantera Capital and Lightspeed Faction with participation from Distributed Global, Ribbit Capital, CMT Digital, among others.
The trading platform’s officials said this funding validates their vision to redefine capital markets with blockchain technology. Figure Technologies is capturing real benefits by employing blockchain in its lending and capital markets operations. Their goal is to extend the benefits of blockchain to a broader range of assets – including crypto and securities. It’s ironic that the largest crypto exchanges aren’t on blockchain–they aim to change that.
Speaking on Figure Markets’ proposition, officials from Pantera Capital said they believe that the platform is poised to be a disruptive force in the digital assets space. The company’s innovative use of MPC technology addresses critical pain points in the current market structure which contributes to creating a more efficient and secure future for digital assets.
Also commenting on Figure Technology’s role in the crypto industry, representatives from Lightspeed Faction stated that they believe blockchain technology will drive the next generation of financial innovation. We are at the beginning of a seismic shift in financial markets as real world assets make their way on-chain. They believe Figure is at the forefront of this innovation and are thrilled to support them as they build towards the next logical iteration of financial services.
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