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Figure Markets
Mike Cagney's Figure Markets operates a blockchain-native exchange and broker-dealer, tokenizing real-world assets for trading and lending.
Figure Markets
Figure Markets was founded by Mike Cagney, the former SoFi CEO who previously built Figure Technologies into a leading blockchain-based home equity lender. The firm operates at the intersection of traditional capital markets and decentralized infrastructure, using the Provenance Blockchain to tokenize financial assets for trading, custody, and lending. Its footprint spans multiple regulatory jurisdictions, with offices in New York, San Francisco, San Juan, and Hong Kong. The firm offers a hybrid marketplace that covers spot and margin trading for digital assets, alongside a private credit origination business focused on home equity lines of credit and mortgage products. Confirmed portfolio assets include tokenized Figure home equity loans, which are structured as on-chain securities and traded through the firm's alternative trading system. Cagney has publicly described the ambition as building "everything-exchange" capability — a single venue where customers can trade crypto and equities, borrow against tokenized collateral, and custody digital securities in a qualified, regulated structure. As of mid-2024, Figure Markets secured a broker-dealer license in the United States and announced a public offering of equity shares via its own marketplace, making it among the first firms to attempt a self-underwritten digital security issuance. The firm operates multiple registered entities, including a money transmitter license in Puerto Rico and a Bermuda-licensed digital asset exchange. Cagney continues to run both Figure Markets and Figure Technologies as distinct but interconnected efforts. Unlike pure crypto exchanges that bolt on a lending desk, Figure Markets originates and structures real-world assets directly — home equity loans — and wraps them as on-chain instruments. This creates a genuinely different funding model: it is not reliant on customer deposits the way most exchanges are, but instead generates its own inventory of yield-bearing securities that can trade alongside crypto pairs. The same blockchain infrastructure handles custody and settlement across asset classes, collapsing the intermediary stack that separates most broker-dealers from their clearinghouses.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Additional offices
San Francisco · San Juan · Hong Kong
Principals
Mike Cagney
CEO
Sector focus
Frequently asked questions
How does Figure Markets' structuring differ from a conventional crypto exchange?
Figure Markets originates its own asset inventory — primarily tokenized home equity lines of credit — via the Provenance Blockchain, rather than relying solely on customer deposits and third-party listing fees. These on-chain loans serve as yield-bearing collateral within the same marketplace where spot crypto and equity trading occur. This structure makes the firm a vertically integrated originator, issuer, and trading venue, which differs from exchange models that depend on external liquidity providers.
What is the relationship between Figure Markets and Figure Technologies?
Both firms were founded by Mike Cagney and share Provenance Blockchain as core infrastructure, but they operate as separate entities with different business focuses. Figure Technologies primarily originates home equity products and provides lending-as-a-service to banks and credit unions. Figure Markets was launched to build the exchange and custody layer — allowing investors to trade tokenized Figure assets alongside digital securities and cryptocurrencies in a registered broker-dealer environment.
Where does Figure Markets hold its regulatory licenses?
The firm operates through a U.S. broker-dealer license and a money transmitter license in Puerto Rico. In 2024, it also established a Bermuda-licensed digital asset exchange via a regulatory sandbox. This multi-jurisdictional approach allows it to offer spot and margin crypto trading, custody, and tokenized real-world asset trading under distinct regulatory frameworks.
What asset classes does Figure Markets offer, and which sectors does it explicitly originate?
The platform offers spot and margin trading for digital assets, tokenized home equity lines of credit, and tokenized equity securities — including its own public offering in mid-2024. It does not originate auto loans, student loans, or commercial real estate, instead concentrating on residential housing credit where Provenance adoption among loan originators is deepest.
What was the significance of Figure Markets offering its own equity on its platform in 2024?
In July 2024, Figure Markets launched a public offering of its own equity shares, issued as digital securities on Provenance Blockchain and available for trading through its own marketplace. This self-underwritten structure bypassed traditional investment bank intermediation and demonstrated the platform's capability to handle both primary issuance and secondary trading natively on-chain — a proof-of-concept that few regulated broker-dealers have attempted.
How is custody handled for cross-asset positions?
Custody is handled on the Provenance Blockchain, with Figure Markets operating qualified custodian infrastructure for digital securities. The same blockchain records both tokenized equity and loan positions, meaning settlement and collateral management occur on a shared ledger rather than across separate systems for crypto assets and traditional securities. This collapses the typical intermediary stack that partitions custody, clearing, and settlement across unaffiliated providers.
What is Figure Markets' known posture on co-investments or external capital?
Figure Markets has raised external venture capital from firms including Jump Crypto and Pantera Capital, but its primary capitalization vehicle has been public digital security offerings through its own platform. The firm has not publicly disclosed a dedicated fund-of-funds program or co-investment vehicle for external GPs, instead channeling investor interest into direct tokenized equity and asset purchases on its marketplace.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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