Figure Markets has introduced an exchange that focuses on decentralized custody alongside democratized prime brokerage services.
San Francisco, CA, August 8, 2024, Chainwire
This unique exchange presents a range of groundbreaking features that aim to redefine standards in the realm of digital asset trading.
Figure Markets, a decentralized marketplace for managing digital assets. They have launched Figure Markets Exchange, which is a crucial part of their bold vision for creating a comprehensive platform designed for seamless trading of various assets — essentially, ‘the all-in-one exchange.’
Initially set up as a US-based exchange, plans are already in motion to expand with an offshore version later this year. Eventually, this exchange will function on a membership model, rewarding top-tier members with incentives like being paid to trade instead of incurring commission fees, reduced borrowing costs, and several other benefits.
Currently, the Figure Markets Exchange provides a host of innovative solutions and functionalities, including:
- Decentralized custody driven by multi-party computation technology. Utilizing advanced decentralized multi-party computation (MPC) wallet technology, this exchange maintains that members’ assets are not held by them, offering a solution that is remote from bankruptcy risks.
- High margin leverage options. Members who qualify can access margin borrowing up to 4:1 (80% loan-to-value) for trading BTC and ETH. One-year loans are also available at competitive terms.
- FDIC protection. The USD deposits of onshore members are secured through an FDIC-insured banking institution.
- Diverse product offerings and significant liquidity. Members have the opportunity to trade BTC, ETH, and HASH, as well as unique offerings like claims from the FTX bankruptcy. Qualified members can also invest in and leverage various closed-end funds, including staking and opportunistic funds.
- Convenient deposit and withdrawal arrangements. All members can move cryptocurrencies in and out of their accounts at Figure Markets. Additionally, customers in the US have the option to deposit and withdraw USD, which is securely held in one or more FDIC-insured omnibus accounts.
“It is exciting for us to launch a decentralized custody exchange that is a cut above the rest,” stated Mike Cagney, CEO and co-founder of Figure Markets. “By opening up participation in the SOL auction for retail investors and facilitating trading in FTX bankruptcy claims, we're creating a more equitable landscape in the crypto space and steering clear of the pitfalls related to centralized exchange failures.”
Over time, the exchange plans to implement HASH ownership, the utility token associated with Provenance Blockchain, to define member tiers and cover trading fees. Unlike the majority of exchanges, the goal is for traders taking orders on the platform to receive payment from the makers for their trades.
About Figure Markets
Figure Markets is revolutionizing finance through the implementation of blockchain technology. They are developing the ultimate exchange — a decentralized marketplace that accommodates crypto, stocks, bonds, credit, and beyond. Figure Markets is committed to delivering superior leverage, margin options, and liquidity, while also providing members with extensive borrowing alternatives and distinctive investment chances. At Figure Markets, the focus is on empowering members to have complete control over their assets and data, eliminating the need for traditional brokers, exchanges, and lenders.
Figure Markets is supported by prominent venture capital firms and strategic partners, including Jump Crypto, Pantera, Distributed Global, Faction Lightspeed, NewForm Capital, and CMT Digital. Founded by a skilled team of entrepreneurs and industry professionals hailing from traditional finance, fintech, and DeFi sectors, 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
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