Figure Markets Launches Cryptocurrency Exchange with Cross-Collateralization and $100 Million in Balance Sheet Lending

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Cointime2024/04/03 00:51

By:Cointime

Serial entrepreneur Mike Cagney has launched Figure markets, a cryptocurrency exchange that combines traditional and crypto assets through cross-collateralization. The exchange aims to deliver a fully on-chain order book and uses MPC wallets, but differs from a decentralized exchange in terms of its structure. Figure is using $100 million from its balance sheet to drive borrowing and lending, with Cagney hoping to democratize prime finance and reshape financial markets in an innovative way. Cagney believes that despite the potential for billions of dollars of capital to be consumed daily, there is only a limited amount of capital available for lending in the cryptocurrency industry.

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