Figure Markets Launches Exchange Featuring Decentralized Custody and Democratized Prime Brokerage

San Francisco, CA, August 8th, 2024
Figure Markets, a decentralized custody marketplace for digital assets, has announced the launch of the Figure Markets Exchange, aiming to establish a unified platform for seamless trading across diverse asset classes.

Initially introduced as a domestic exchange in the US, there are plans to expand to an offshore exchange later this year. In the future, the exchange will adopt a membership model, where top-tier members can earn rewards for trading, enjoy discounted borrowing rates, and access multiple additional benefits.

The Figure Markets Exchange currently provides a range of distinctive solutions and features, including:

• Decentralized Custody through Multi-Party Computation: Utilizing decentralized multi-party computation (MPC) technology, the exchange ensures that it does not take possession of members’ assets, offering a custody option that is safe from bankruptcy risks.

• High Cash Leverage: Eligible members can access margin trading with up to 4:1 leverage (80% loan-to-value) for BTC and ETH transactions, along with competitive rates for one-year term loans.

• FDIC Insurance for USD Deposits: Funds from onshore members are kept in an FDIC-insured bank, providing an additional layer of security.

• Extensive Product Offering and Liquidity: Members can trade major cryptocurrencies such as BTC and ETH, alongside unique assets like FTX bankruptcy claims. Qualified individuals can also invest in and borrow against various closed-end funds, including staking and opportunistic investments.

• Flexible Deposit and Withdrawal: Members have the ability to transfer cryptocurrencies into and out of their accounts. US users can also deposit and withdraw USD, securely held in FDIC-insured omnibus accounts.

Mike Cagney, CEO and co-founder of Figure Markets, expressed enthusiasm about the launch, stating, “We are excited to introduce a premier decentralized custody exchange. By enabling retail investors to partake in the SOL auction and facilitating trading in FTX bankruptcy claims, we are making significant strides in enhancing accessibility to crypto markets while learning from the failures of centralized exchanges.”

In the future, the exchange plans to incorporate HASH ownership, the utility token from Provenance Blockchain, to establish member tiers and cover trading fees. Unlike many existing exchanges, the goal is for takers to receive payments from makers for trading.

About Figure Markets
Figure Markets is dedicated to democratizing finance through the use of blockchain technology. The company is focused on creating a comprehensive decentralized custody marketplace for various asset types including cryptocurrencies, stocks, bonds, and credit. With a commitment to offering superior leverage, margining, and liquidity, Figure Markets empowers its members with diverse borrowing options and investment opportunities, ultimately giving them control over their assets and data while minimizing reliance on traditional brokers, exchanges, and lenders.

Figure Markets is supported by top venture capital firms and strategic partners, including Jump Crypto, Pantera, Distributed Global, Faction Lightspeed, NewForm Capital, and CMT Digital. The founding team comprises experienced entrepreneurs and operators from traditional finance, fintech, and decentralized finance, including Mike Cagney and June Ou.

For further inquiries, you may contact the Director of Marketing, Paula Machado Jackler.