Figure Markets Introduces Exchange with Decentralized Custody and Democratized Prime Brokerage

This exceptional exchange offers unparalleled features and advantages, establishing a groundbreaking benchmark in digital asset trading.

Figure Markets has recently unveiled the Figure Markets Exchange, a decentralized custody marketplace for digital assets. This exciting development marks the company’s bold endeavor to establish a comprehensive platform that enables effortless trading across a diverse array of assets, aiming to become the ultimate “exchange for everything.”

Originally introduced as a US-based exchange, preparations are already underway for establishing an offshore exchange later this year. In the future, the exchange will transition to a membership model, where esteemed members will enjoy the perks of earning money while trading instead of paying commissions. They will also have access to discounted borrowing rates and other exclusive advantages.

The Figure Markets Exchange provides a range of distinctive solutions and capabilities at present, such as:

• Decentralized custody powered by multi-party computation technology. Leveraging decentralized multi-party computation (MPC) wallet custody, the exchange does not take possession of members’ assets and offers a bankruptcy-remote custody solution.
• High cash leverage. Qualified members can borrow on margin up to 4:1 (80% loan to value) to trade BTC and ETH. One year term loans are also available at competitive rates.
• FDIC insurance. Onshore members’ USD deposits are held at an FDIC-insured bank. 
• Broad product set and deep liquidity. Members can trade BTC, ETH, and HASH, along with unique assets such as FTX bankruptcy claims. Qualified members can also invest in and borrow against various closed-end funds, including staking and opportunistic funds.
• Flexible deposit and withdrawal options. All members can transfer crypto to and from their Figure Markets accounts. US customers can also deposit and withdraw USD, which is held in one or more FDIC-insured omnibus bank accounts.

“We are thrilled to bring a best-in-class, decentralized custody exchange to the market,” said 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.”

In the future, the exchange will use HASH ownership, the utility token from Provenance Blockchain, to establish member tiers and cover exchange fees.