San Francisco, CA, August eighth, 2024, Chainwire
The one-of-a-kind alternate introduces distinctive options and advantages, setting a brand new customary in digital asset buying and selling.
Figure Markets, a decentralized custody marketplace for digital assets, has launched the Figure Markets Exchange, the muse for the corporate’s formidable imaginative and prescient of making a single platform for seamless buying and selling throughout a variety of belongings — the “exchange for everything.”
Initially launched as a US onshore alternate, plans are already underway for an offshore alternate later this yr. Over time, the alternate will function on a membership foundation, with top-tier members benefiting from being paid to commerce (vs. paying commissions), discounted borrow charges, and varied different benefits.
The Figure Markets Exchange affords a set of distinctive options and capabilities, comparable to the next.
Decentralized Custody Powered by Multi-party Computation Expertise
Leveraging decentralized multi-party computation (MPC) pockets custody, the alternate doesn’t take possession of members’ belongings and affords a bankruptcy-remote custody resolution.
Excessive Money Leverage
Certified members can borrow on a margin as much as 4:1 (80% mortgage to worth) to commerce BTC and ETH. One-year time period loans are additionally obtainable at aggressive charges.
FDIC Insurance coverage
Onshore members’ USD deposits are held at an FDIC-insured financial institution.
Broad Product Set and Deep Liquidity
Members can commerce BTC, ETH, and HASH, alongside with distinctive belongings comparable to FTX chapter claims. Certified members also can put money into and borrow in opposition to varied closed-end funds, together with staking and opportunistic funds.
Versatile Deposit and Withdrawal Choices
All members can switch crypto to and from their Figure Markets accounts. US prospects also can deposit and withdraw USD, which is held in a number of FDIC-insured omnibus financial institution accounts.
“We are thrilled to bring a best-in-class, decentralized custody exchange to the market,” stated Mike Cagney, CEO and co-founder of Figure Markets. “From allowing retail investors to participate in the SOL auction to opening up trading in FTX bankruptcy claims, we’re leveling the playing field in crypto and avoiding the mistakes of the centralized exchange bankruptcies.”
Over time, the alternate will make the most of HASH possession, the utility token from Provenance Blockchain, to find out member tiers and pay for alternate charges. In contrast to most different exchanges, the intent over time is for takers on the alternate to be paid by makers to commerce.
About Figure Markets
Figure Markets is democratizing finance by blockchain. They’re constructing the alternate for every thing – a decentralized custody market for crypto, shares, bonds, credit score and extra. Figure Markets brings best-in-class leverage, margining and liquidity to our alternate whereas providing our members intensive borrowing choices and distinctive funding alternatives. Figure Markets places their members accountable for their belongings and knowledge, disintermediating legacy brokers, exchanges and lenders.
Figure Markets is backed by main enterprise capital companies and strategic companions, together with Bounce Crypto, Pantera, Distributed International, Faction Lightspeed, NewForm Capital and CMT Digital. Figure Markets was based by a seasoned staff of entrepreneurs and operators from TradFi, fintech, and DeFi, together with Mike Cagney and June Ou.
To study extra, please go to their website or their LinkedIn, Telegram, X, and Discord.
Director, Advertising and marketing
Paula Machado Jackler
Figure Markets
[email protected]
