When I first chatted with Mike Cagney back in 2011, when he was CEO of SoFi, it was clear he had big goals.
His second act in fintech, Figure, quickly became a leader in home equity lending with all loans originated and processed through blockchain technology. But Figure was never just about lending. The company had expanded into capital markets, payments and exchanges.
Today, the company announced a $60 million funding round for the launch of Figure Markets, a new decentralized crypto exchange. This will be the first step toward the goal of building an exchange for everything.
In a LinkedIn post today, Cagney shared more of the details. Figure Markets will be spun out of Figure and Figure will be rebranded to Figure Technology Solutions. Cagney will be CEO of both companies.
Part of the reason for this launch is that all the major crypto exchanges are fully centralized and Cagney thinks is time for a decentralized approach. While they are starting with crypto Cagney envisions an exchange for many asset classes including public equities and asset-backed securities.
One thing I have learned over the years is that, while Cagney often talks a big game, he has the expertise and drive to make these big ideas a reality.
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> Figure raises $60m for Figure Markets blockchain exchange, lending
By Ledger Insights
Figure will launch Figure Markets as a crypto exchange in April, with securities and bonds to follow. It raised $60m in backing.
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