PriyaPatelTLDR
- Mike Cagney, CEO of Figure, announced a $60 million funding round for the launch of Figure Markets, a decentralized crypto exchange.
- Figure Markets will be the first step toward the goal of building an “exchange for everything,” including public equities and asset-backed securities.
In a recent Fintech Nexus Newsletter, it was revealed that Figure, under the leadership of Mike Cagney, is launching a blockchain-native “exchange for everything.” Figure Markets, a new decentralized crypto exchange, raised $60 million in funding to kickstart the project. Cagney envisions expanding into various asset classes beyond crypto, such as public equities and asset-backed securities. As a pioneer in utilizing blockchain technology for lending, Figure is now venturing into capital markets, payments, and exchanges with this latest endeavor.
The launch of Figure Markets represents a shift towards decentralization in response to the fully centralized nature of existing crypto exchanges. By spinning off Figure Markets from the parent company Figure, which will be rebranded as Figure Technology Solutions, Cagney aims to create a more versatile and inclusive platform for trading various assets. Despite Cagney’s history of ambitious goals, his track record shows that he has the expertise and determination to turn these visions into reality. The article also highlights recent news in the fintech industry, including company acquisitions, regulatory changes, and new product offerings.
