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Finance

Figure Markets Launches Exchange with Decentralized Custody and Democratized Prime Brokerage

Published by Jessica Weisman-Pitts

Posted on August 8, 2024

Featured image for article about Finance

San Francisco, CA, August 8th, 2024, Chainwire

The one-of-a-kind exchange introduces unique features and benefits, setting a new standard in digital asset trading

Figure Markets, a decentralized custody marketplace for digital assets, has launched the Figure Markets Exchange, the foundation for the company’s ambitious vision of creating a single platform for seamless trading across a wide range of assets — the “exchange for everything.”

Initially launched as a US onshore exchange, plans are already underway for an offshore exchange later this year. Over time, the exchange will operate on a membership basis, with top-tier members benefiting from being paid to trade (vs. paying commissions), discounted borrow rates, and various other advantages.

The Figure Markets Exchange offers a suite of unique solutions and capabilities today, including:

Decentralized custody powered by multi-party computation technology. Leveraging decentralized multi-party computation (MPC) wallet custody, the exchange does not take possession of members’ assets and offers a bankruptcy-remote custody solution.
High cash leverage. Qualified members can borrow on margin up to 4:1 (80% loan to value) to trade BTC and ETH. One year term loans are also available at competitive rates.
FDIC insurance. Onshore members’ USD deposits are held at an FDIC-insured bank.
Broad product set and deep liquidity. Members can trade BTC, ETH, and HASH, along with unique assets such as FTX bankruptcy claims. Qualified members can also invest in and borrow against various closed-end funds, including staking and opportunistic funds.
Flexible deposit and withdrawal options. All members can transfer crypto to and from their Figure Markets accounts. US customers can also deposit and withdraw USD, which is held in one or more FDIC-insured omnibus bank accounts.

“We are thrilled to bring a best-in-class, decentralized custody exchange to the market,” said Mike Cagney, CEO and co-founder of Figure Markets. “From allowing retail investors to participate in the SOL auction to opening up trading in FTX bankruptcy claims, we’re leveling the playing field in crypto and avoiding the mistakes of the centralized exchange bankruptcies.”

Over time, the exchange will utilize HASH ownership, the utility token from Provenance Blockchain, to determine member tiers and pay for exchange fees. Unlike most other exchanges, the intent over time is for takers on the exchange to be paid by makers to trade.

About Figure Markets

Figure Markets is democratizing finance through blockchain. They’re building the exchange for everything – a decentralized custody marketplace for crypto, stocks, bonds, credit and more. Figure Markets bringing best in class leverage, margining and liquidity to our exchange, while offering our members extensive borrowing options and unique investment opportunities. Figure Markets puts their members in control of their assets and data, disintermediating legacy brokers, exchanges and lenders.

Figure Markets is backed by leading venture capital firms and strategic partners, including Jump Crypto, Pantera, Distributed Global, Faction Lightspeed, NewForm Capital and CMT Digital. Figure Markets was founded by a seasoned team of entrepreneurs and operators from TradFi, fintech, and DeFi, including Mike Cagney and June Ou.

To learn more, please visit www.figuremarkets.com or their LinkedIn, Telegram, X, and Discord.

Contact

Director, Marketing

Paula Machado Jackler

Figure Markets

press@figuremarkets.com