Figure approved as ATS, launches digital asset marketplace for stocks and funds – Ledger Insights




Figure Technologies, which operates the Provenance blockchain, announced that its subsidiary Figure Securities has obtained SEC approval as an Alternative Trading System (ATS). Last week, he also became a licensed broker with FINRA. The company previously unveiled its Adnales cap table management solution, which can now legally offer secondary market trading for private securities through Figure Marketplace.

In addition, Figure targets fund managers to allow limited partners to trade their holdings. Its website indicates that a loan market is coming up. We previously reported that Figure was planning to launch a blockchain-based exchange to eliminate two-day settlement and counterparty risk.

“Being licensed as a broker and being able to operate our ATS is a transformational event for our business that will have a significant impact in the financial services industry,” said Mike Cagney, CEO and co-founder of Figure.

“The ability to execute securities transactions on our technology platform will leverage significant capabilities in our list of financial services clients.”

Cagney also recently uploaded a video demo on Youtube showing how the “Provenance Exchange” can manage volumes.

FINRA lists the CEO of Figure Securities as Bill White, who is also president of ReFlow Services.

Origin at the heart of a whirlwind of activity

The Provenance blockchain solution is at the heart of all of Figure’s activities. Figure began by offering retail mortgage services to demonstrate how blockchain could be used and securitized mortgages on the Provenance blockchain.

The startup has also applied for a banking charter and is launching Figure Pay, a retail payment solution targeting the underbanked based on blockchain and stablecoins. In March, he began testing the solution in Missoula, MT.

Figure Pay plans to attract retailers by reducing merchant fees and providing point-of-sale credit to consumers. This approach has been extremely profitable for Alipay, the world’s largest payments wallet. However, China’s central bank recently asked Alipay to restrict the way it offers point-of-sale credit, fearing people might overwork.

In addition to all this activity, Figure plans to make acquisitions through a recently announced PSPC.