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